RESERVE BANK OF

QUARTERLY REVIEW

December 2019

Private Mail Bag, , Republic of Fiji Telephone: (679) 331 3611, Email: [email protected] Website: http://www.rbf.gov.fj

RBF Quarterly Review December 2019

QUARTERLY REVIEW OF THE ECONOMY & FINANCIAL CONDITIONS

Overview 1

The International Economy 2

International Economic Conditions 2

The Domestic Economy 6

Domestic Economic Conditions 6

Production 6 Consumer Spending 7 Investment 7 Public Finance 8 Labour Market 8 Inflation 9 External Sector 9

Domestic Financial Conditions 10

Money Markets 11 Bond Market 11 Foreign Exchange Markets 11 Financial Intermediaries 12 Banking Industry Quarterly Condition Report - September 2019 13 Insurance Industry Quarterly Condition Report - September 2019 24 Capital Markets Quarterly Performance Report - September 2019 29

For the Record

Reserve Bank of Fiji Presents its Audited Financial Statements for 2018-2019 33 Revised Growth Projections for the Fijian Economy for 2019-2022 34 Overnight Policy Rate Remains Unchanged 36 Conclusion of Transition Period for Personal Property Securities Act 2017 37 Reserve Bank of Fiji Releases Financial Stability Review 2019 39 Reserve Bank of Fiji Announces Changes in Executive Roles 40 Reserve Bank Launches Regulatory Sandbox, Invites Innovative Solutions for Fiji’s Financial Sector 42

Statistical Annex 43

Reserve Bank of Fiji Publications 45

RBF Quarterly Review December 2019

OVERVIEW

According to the International Monetary foreign assets. Likewise, private sector Fund (IMF)1, global growth is projected to credit (PSC) expanded on a quarterly rise from an estimated 2.9 percent in 2019 basis by 0.9 percent owing to an to 3.3 percent in 2020 and 3.4 percent in increase in commercial banks’ lending to 2021. The revised growth rates are lower private sector business entities (PSBEs), by 0.1 percentage points (pp) for 2019 and while net credit to the central government 2020 and 0.2pp for 2021 when compared to fell. the October 2018 forecast. The slight downward revision in 2020 mainly reflects The overall performance of commercial weaker-than-expected performances in banks, credit institutions, insurance emerging market and developing industry and other financial corporations economies (EMDEs) particularly India. remained satisfactory during the third quarter of 2019, supporting financial Looking ahead, rising geopolitical tensions stability. between the United States (US) and Iran and intensifying social unrest in several The merchandise trade deficit (excluding other countries coupled with weak global aircraft) widened marginally by 0.6 percent demand pose further downside risks to to total $782.8 million over the September global growth this year. However, the quarter, compared to the 7.4 percent signing of the ‘phase one’ trade deal expansion in the June quarter. between the US and China in January 2020 should ease tensions and enhance trade Annual inflation rate in December 2019 fell flows in the near future. to -0.9 percent (deflation), lower than the 0.4 percent in September mainly led by Domestically, the Fijian economy is lower prices noted for communication; expected to expand by 1.7 percent in 2020, alcoholic beverages, tobacco & narcotics; from an estimated 1.0 percent growth in housing, water, electricity, gas & other 2019. The pick-up anticipated for 2020 is fuels and transport categories. owing to a gradual recovery in aggregate demand, sectoral performances and The Reserve Bank of Fiji’s (RBF) holdings business confidence. of foreign reserves were $2,219.8 million at the end of December, sufficient to cover 5.2 Monetary conditions in the December months of retained imports (MORI) of quarter remained supportive of domestic goods and non-factor services, up from economic growth with sufficient liquidity $2,161.1 million (5.0 MORI) at the end of in the banking system. At the end of the September. quarter, excess liquidity was $603.7 million, slightly lower than the $612.6 The RBF kept its Overnight Policy Rate million at the end of September. Broad (OPR) at 0.5 percent in the December rose on a quarterly basis by 1.3 quarter, in line with the favourable outlook percent, underpinned by increased net for inflation and foreign reserves.

1 January 2020 World Economic Outlook (WEO). 1 RBF Quarterly Review December 2019

THE INTERNATIONAL ECONOMY

International Economic Conditions The US economy grew by an annualised 2.1 percent in the September quarter According to the IMF, global growth is following a 2.0 percent expansion in the anticipated to pick up in 2020 to 3.3 percent June quarter. The slight uptick was mainly from 2.9 percent estimated in 2019 (Graph due to increases in personal consumption 1). The revised growth rates for both years expenditures, federal government are lower by 0.1pp than the October spending, residential investment, exports forecast. The downward revision in 2020 and both state and local government is mainly on account of the slowdown in a spending. few EMDEs, the impact of increasing civil unrest across the world and lower Both manufacturing and services activities anticipated growth for some advanced rose in the December quarter when economies such as in the US, Euro zone compared to September. Labour market and the United Kingdom (UK). sentiments were firm as the unemployment rate held steady at 3.5 percent in December Graph 1 similar to September end. Annual inflation World GDP Growth Rates rate in December was 2.3 percent higher Percent 4 than the 1.7 percent rate in September. Given this backdrop, the Federal Open 3 Market Committee decided to maintain the target range for its federal funds rate at 2 1.50-1.75 percent in its December meeting, following a 25 basis points fed rate cut in 1 its October meeting.

0 2013 2014 2015 2016 2017 2018 2019e 2020f 2021f In addition, the official signing of the first Source: IMF WEO, January 2020 stage of the trade deal between the US and China in January 2020 is expected to The accommodative monetary policies provide impetus for economic activity in adopted by key central banks in the final the US. Following an estimated 2.3 percent quarter of 2019 is likely to support expansion in 2019, the US economy is economic activity going forward. In expected to grow by 2.0 percent in 2020. addition, the signing of the phase one trade Annual inflation is forecast at 2.3 percent deal in January 2020 between the US and in 2020. China should ease tensions and enhance trade flows in the short to medium term. The Euro zone expanded by 0.2 percent However, downside risks to the global in the third quarter of 2019, the same outlook remain elevated. These include the pace as the preceding quarter. Increases in on-going conflict between the US and Iran, household consumption, fixed investment financial vulnerabilities, weather-related and government spending underpinned this shocks and the recent Coronavirus outcome. outbreak that may threaten prospects for global economic growth.

2 RBF Quarterly Review December 2019 Manufacturing activity rose in December Following an estimated 1.0 percent growth compared to September due to stronger in 2019, the Japanese economy is forecast increases in export orders. Inflation rate to expand by 0.7 percent in 2020. Annual stood at 1.3 percent in December from 0.8 inflation is expected to be around 1.3 percent in September 2019, much closer to percent in 2020. the European ’s (ECB) target rate of 2.0 percent. On account of some The Australian economy grew by 0.4 rigid progress on Euro area reforms and the percent in the September quarter pending outcome of Brexit negotiations, compared to 0.6 percent in the June quarter. the ECB maintained its refinancing rate at The slower growth momentum was 0.0 percent, deposit rate at -0.50 percent attributed to lower government and and marginal lending rate at 0.25 percent in household spending. its December meeting. A slowdown in consumer confidence was In the Euro zone, growth is expected to pick noted in the December quarter compared to up to 1.3 percent following an estimated 1.2 the previous quarter. Additionally, percent expansion in 2019. Annual services activity dropped and inflation is expected to be around 1.4 manufacturing activity also registered percent in 2020. sharp falls particularly in the last two months in the December quarter. The Japanese economy expanded by 0.4 percent in the third quarter from the 0.5 In order to support employment, income percent in the previous quarter. Growth growth and a bid to return inflation to the was supported by the increases in private medium-term target range, the Reserve and capital expenditure which more-than- Bank of Australia maintained its cash rate offset the negative contributions from at the historic low level of 0.75 percent in external demand. December.

The impact of typhoon Hagibis coupled Additionally, the recent bushfires which with the increase in sales tax from 8.0 intensified in December may weigh on first percent to 10.0 percent in October and on- quarter growth of 2020. going trade tensions have lowered the pace of manufacturing and services activities in The Australian economy is anticipated to December relative to September. have grown by 1.7 percent in 2019. Nonetheless, the Japanese Government has Growth is forecast to pick up to 2.3 percent announced a US$120.0 billion spending in 2020, while inflation is expected to be package, of which 20.0 percent will be around 1.8 percent in 2020. spent by March 2020 to support stalling growth and sustain activity post Olympics. The New Zealand (NZ) economy Inflation rose to 0.9 percent in December expanded by 0.7 percent in the third compared to 0.4 percent in September quarter, from the 0.1 percent expansion in 2019, however remained below the Bank of the June quarter. The third quarter Japan’s (BOJ) 2.0 percent target. In light recorded the fastest growth since the of these developments, the BOJ maintained December quarter of 2018 driven by its policy at -0.1 percent in increases in retail sales activity. December.

3 RBF Quarterly Review December 2019 However, latest indicators showed that Given these developments, the People’s manufacturing activity rose in December Bank of China reduced its benchmark 2019 compared to September due to interest rate to 4.15 percent in December expansions in new orders, production, from 4.20 percent in September amid the employment and finished stocks. downside risks from weak global demand Consumer and business confidence and domestic economic imbalances. generally rose largely due to improved manufacturing activity, reduced global Moreover, the Chinese policymakers are trade policy uncertainty and a pickup in setting measures to support an economy housing market. shocked by the Coronavirus outbreak which was announced in late December. Inflation increased to 1.9 percent in the This is likely to have a devastating December quarter from the 1.5 percent economic impact on first quarter growth in registered in the September quarter. The 2020. Reserve Bank of NZ maintained its official cash rate at 1.0 percent in its December The Chinese economy is estimated to have meeting to uphold its inflation and expanded by 6.1 percent in 2019. For 2020, employment objectives. growth is forecast at 6.0 percent while inflation is expected to be around 2.4 Following an estimated expansion of 2.5 percent. percent in 2019, the NZ economy is forecast to grow by 2.7 percent in 2020. The Indian economy grew by an Inflation is expected to be around 2.4 annualised 4.5 percent in the September percent in 2020. quarter of 2019 from the 5.0 percent growth in the June quarter. Growth in the The Chinese economy grew by an review period was the weakest since March annualised 6.0 percent in the December 2013 due to a fall in factory output, exports 2019 quarter, similar to the September and a slowdown in investment. quarter. Growth momentum remained flat Nonetheless, both manufacturing and due to a slowdown in industrial production service sectors noted some pick-up in the in the December quarter, as the trade war December quarter. Inflation accelerated to with the US affected manufacturing 7.4 percent in December from the 3.9 activities. percent noted in September.

In December, manufacturing activity The further lowered decelerated as growth in new orders and its key policy rate to 5.15 percent in its exports slowed. Business confidence December meeting, a 25 basis points remained unchanged in the same month reduction from September in an attempt to supported by government stimulus and boost economic growth. optimism amid the trade tension environment. Following an estimated 4.8 percent growth in 2019, the Indian economy is expected to Annual inflation rose to 4.5 percent in grow by 5.8 percent in 2020, while inflation December from 3.0 percent in September. is forecast at 4.1 percent.

4 RBF Quarterly Review December 2019 The World Commodity Price Index2 rose Gold prices continued to rise into the fourth over the quarter by 4.3 percent in quarter to US$1,514.75 per fine ounce from December, higher than the 1.7 percent US$1,485.30 per fine ounce in September increase in September 2019. The quarterly 2019, as investors switched to the safe- outcome was largely underpinned by haven commodity after the US Federal higher market price for lumber, sugar and Reserve lowered interest rates for the third gold, while prices for woodchips and fish time in 2019 combined with lower US bond remained unchanged (Graph 2). yields, persistent geopolitical risk and ongoing US economic uncertainty (Graph Graph 2 4). World Commodity Price Index Index Graph 4 150 Gold Price US$/fine 145 ounce 1,600 140 1,500 135 1,400 130

125 1,300

120 1,200 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Source: Bloomberg 1,100 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19

Source: Bloomberg At the end of December quarter, the world market price for sugar (New York No. 11) Brent crude oil prices rose to US$66.00 per rose to US13.42 cents per pound from barrel at the end of December from US11.92 cents per pound at the end of US$60.78 per barrel in September 2019 September 2019 mainly due to weather- supported by some optimism in US-China related factors which affected production trade deal and on-going supply cuts from from Thailand and India (Graph 3). major oil producers (Graph 5).

Graph 3 Graph 5 Sugar Price Crude Oil Price US cents/lb US$/barrel 16 90 85 15 80 14 75 70 13 New York No.11 65

12 60 55 11 50 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 10 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Source: Bloomberg

Source: Bloomberg

2 The World Commodity Price Index is sourced from average prices of gold, sugar, woodchips, lumber, Bloomberg and is an equal-weighted geometric fish and coconut oil. 5 RBF Quarterly December 2019 THE DOMESTIC ECONOMY

Domestic Economic Conditions At the end of the 2019 crushing season, 1,806,379 tonnes of cane was crushed to The Fijian economy is estimated to have produce 168,702 tonnes of sugar, an grown by 1.0 percent in 2019, from the 3.5 annual increase of 6.5 percent and 5.3 percent recorded in 2018, reflecting the percent, respectively. The positive synchronised global slowdown, subdued outcome is attributed to higher cane domestic demand, weak sectoral planting, favourable weather conditions performances and reduced fiscal stimulus along with efficient milling. (Graph 6). In the December quarter, visitor arrivals Nonetheless, major contributors to growth fell quarter-on-quarter (q-o-q) by 17.3 in 2019 are anticipated to have been the percent to 220,330 (Graph 7), compared to agriculture, accommodation, information a 13.1 percent growth in the September & communication, manufacturing and the quarter and a decline of 16.6 percent in the financial & insurance sectors. same period in 2018. The negative outcome over the December quarter was Graph 6 due to the seasonality of visitor arrivals. GDP Growth Rate On an annual basis, visitor arrivals declined Percent by 0.4 percent in the fourth quarter contrary 6 to the 0.2 percent increase in the same 5 period in 2018. 4 Graph 7 3 Visitor Arrivals 2 ’000 300 1 250 0 2010 2012 2014 2016(r) 2018(p) 2020(f) 2022(f) 200 Sources: Fiji Bureau of Statistics (FBOS) and Macroeconomic Committee forecast as at November 2019 150

100

Growth is expected to improve to 1.7 50 percent in 2020 mainly supported by the 0 agriculture; information & communication; Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Source: FBOS manufacturing; financial & insurance and wholesale & retail trade sectors. The timber industry recorded negative Production results in the fourth quarter of 2019. Despite the 5.0 percent (to 127,796 tonnes) Sectoral performances were mixed in the increase in pine wood supply over the review period as the sugar and tourism quarter, lower external demand triggered a industry noted positive outcomes, while fall in woodchips production during the timber and gold production fell. quarter by 17.4 percent to 60,828 tonnes.

6 RBF Quarterly Review December 2019 Additionally sawn timber production fell $306.7 million. The outcome was by 20.9 percent, to 6,259.4 cubic metres underpinned by improvements in lending (m3) over the same period. Furthermore, to the wholesale, retail, hotels & restaurants mahogany production fell by 60.6 percent (20.2% to $234.7m) and private individuals to 3,041.8m3 over the fourth quarter due to (9.6% to $72.0m) sectors. On the contrary, lower harvesting as a result of adverse new and second-hand vehicle registrations weather conditions. by the Land Transport Authority fell by 16.4 and 12.2 percent, respectively in the

In the December quarter, gold production same period. Furthermore, net Value decreased by 8.7 percent to 8,462 ounces Added Tax (VAT) collections (Graph 9) (oz) compared to the 1.0 percent (9,271oz) fell by 24.0 percent (to $167.6m) in the decline in the previous quarter and 0.8 fourth quarter largely due to lower percent growth during the same period in domestic VAT (-10.9%) and customs 2018 (Graph 8). The decline over the import VAT (-10.7%) receipts and higher December quarter has been attributed to a VAT refunds (56.3%). number of issues that Vatukoula Gold Mines Limited (VGML) faced in 2019 such Graph 9 as bad weather conditions, deteriorating ore Net VAT Collections $M reserves, poor ore quality, power 250 constraints and other technical issues. 200

However, gold exports recorded a quarterly 150 increase of 17.8 percent to $30.9 million in the third quarter of 2019 on account of 100 favourable prices in the world market. This 50 compares with a rise of 10.2 percent in the same period in 2018. 0 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19

Graph 8 Source: Fiji Revenue and Customs Service Gold Production & Exports ’000 ounces $M Investment 20 40 Production 35 Earnings 15 30 Investment activity as revealed by partial 25 indicators was mixed in the review period. 10 20 Over the December quarter, commercial 15 banks’ new lending for investment 5 10 purposes rose by 67.9 percent to $165.0 5 million due to increased lending to both the 0 0 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 real estate (85.4% to $123.1m) and Sources: VGML and FBOS building & construction (31.5% to $41.9m) sectors. Over the comparative period in Consumer spending remained soft as 2018, new investment lending increased by suggested by partial indicators. 14.0 percent attributed to higher credit to Commercial banks’ new lending for the real estate (51.2%) which more-than- consumption purposes rose over the offset the lower credit to the building & December quarter by 17.6 percent to construction (-33.8%) sector.

7 RBF Quarterly Review December 2019 In the third quarter, the value of work put- Labour Market in-place fell over the quarter by 2.0 percent (to $162.4m) underpinned by decreases in Labour market conditions softened towards private (-2.8%) and public (-0.3%) sector the end of 2019. In the December quarter, construction works but was higher by 7.0 the number of jobs advertised as per the percent in the September quarter on an RBF’s Job Advertisement Survey3 fell by annual basis. Similarly over the quarter, 26.0 percent from the previous quarter. the value of completion certificates issued This compares with a decline of 7.3 percent decreased by 20.2 percent to $25.8 million. noted in the same period in 2018 (Graph In addition, the value of building permits 11). issued (an indicator for future construction activity) fell by 30.7 percent over the Graph 11 quarter and 39.0 percent over the year, to Job Advertisement Survey $62.4 million in the September quarter. Number 7,000

Public Finance 6,500

6,000 In December 2019, total government debt stood at $5,735.9 million, equivalent to 5,500 48.0 percent of GDP (Graph 10). Domestic 5,000 debt was $4,301.9 million (36.0% of GDP), 4,500 while external debt totalled $1,434.1 4,000 million (12.0% of GDP). In comparison Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 with December 2018, total government debt rose by 7.5 percent, driven by an Sources: The Fiji Times and Fiji Sun increase in domestic debt (11.0%). Lower recruitment intentions from the

wholesale & retail trade & restaurants & Graph 10 Government Debt hotels; manufacturing; construction; % of GDP finance, insurance, real estate & business Domestic External 50 services; transport, storage & 40 communication; mining & quarrying; and

30 electricity & water sectors more-than- offset the increases noted in the 20 community, social & personal services and 10 agriculture sectors. 0 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Source: Ministry of Economy

3 This is based on both Fiji Times and Fiji Sun advertised positions.

8 RBF Quarterly Review December 2019 Inflation mineral water, sugar, woodchips, gold, and total re-exports4. These more-than-offset The annual inflation rate stood at -0.9 the lower domestic exports of chemicals percent in December, lower than the 0.4 and animal & vegetable oils. percent noted in September 2019 and much lower than the 4.8 percent recorded in Total imports (excluding aircraft) rose by December 2018 (Graph 12). This was 10.7 percent to $1,400.2 million in the third largely attributed to lower prices in the quarter, compared to a 3.1 percent increase communication; alcoholic beverages, noted in the June quarter. Higher imports tobacco & narcotics; housing, water, were driven by machinery & transport electricity, gas & other fuels and transport equipment (excluding aircraft); mineral categories. fuels; food & live animals; chemicals; manufactured goods; miscellaneous Graph 12 manufactured goods; and animal & Inflation Percent vegetable oils & fats; which more-than- 7 offset the decrease in beverages & tobacco; 6 crude materials; and other commodities. 5 4 On a cumulative basis, the merchandise 3 trade deficit (excluding aircraft) narrowed 2 by an annual 8.9 percent to $2,284.8 1 million in the year to September, compared 0 to a 23.2 percent widening in the same -1 Jan-17 Jun-17 Nov-17 Apr-18 Sep-18 Feb-19 Jul-19 Dec-19 period in 2018. In the same period, total Source: FBOS exports (excluding aircraft) rose by an annual 3.9 percent compared to a 0.4 In 2020, inflation is forecast to be around percent increase in the same period last 3.0 percent. year. Total imports (excluding aircraft) on the other hand declined by an annual 4.1 External Sector percent up to September 2019 compared to a 13.4 percent expansion in the same period The merchandise trade deficit (excluding in 2018. aircraft) widened marginally by 0.6 percent to $782.8 million over the September In the September quarter, tourism earnings quarter, compared to a 7.4 percent grew by 22.4 percent on a q-o-q basis to expansion in the June quarter of 2019. $647.5 million, compared to a 44.3 percent growth noted in earnings in the June quarter Total exports (excluding aircraft) increased (Graph 13). On an annual basis, tourism significantly by 26.6 percent to total $617.4 earnings was slightly lower by 0.2 percent million in the September quarter, compared in the same quarter of 2019. to a 3.1 percent decline in the June quarter. The outcome in the September quarter is The increase in exports was mainly mainly led by increases in earnings from underpinned by higher domestic exports of NZ (11.3%); Australia (6.0%); China

4 Excluding aircraft.

9 RBF Quarterly Review December 2019 (1.5%); Japan (1.3%); US (1.0%); UK At the end of December 2019, foreign (0.9%); Continental Europe (0.8%); and reserves (RBF holdings) were $2,219.8 Canada (0.5%) which more-than-offset million, sufficient to cover 5.2 MORI of lower earnings from Pacific Islands goods and non-factor services (Graph 15). (-0.3%) and other countries (-0.4%). This compares with $2,161.1 million (5.0 MORI) at the end of September 2019 and Graph 13 $2,012.4 million (4.4 MORI) at the end of Tourism Earnings December 2018. $M 700 600 Graph 15

500 Foreign Reserves $M 400 2,500 300 2,000 200

100 1,500 0 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 1,000 Source: RBF 500 On a cumulative basis, tourism earnings 0 grew by 3.7 percent to $1,543.0 million in Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 the year September 2019, compared to a Source: RBF growth of 5.4 percent in the corresponding period last year. Domestic Financial Conditions

Inward remittances declined by a q-o-q During the December quarter, the RBF’s 2.3 percent to $145.4 million in the stance remained December quarter of 2019, largely due to a accommodative, as the OPR was fall in gifts, maintenance & donations (- maintained at 0.5 percent. 5.9%). This compares with a 2.9 percent decline noted in remittances in the same Excess liquidity in the banking system, period last year. On an annual basis, measured by banks’ demand deposits remittances were higher by 2.2 percent in declined at the end of the December quarter the fourth quarter of 2019 (Graph 14). by 1.5 percent ($8.9m) to $603.7 million (Graph 16). Graph 14 Personal Remittances This is on account of increases in statutory $M 160 reserve deposits, in circulation 140 coupled with the redemption of the RBF’s 120 underwritten government T-Bills, which 100 more-than-offset the increase in foreign 80 reserves and ISEFF borrowing (10.3%, 60 $14.7m). 40 20 0 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Source: OET Report

10 RBF Quarterly Review December 2019 Graph 16 issue of Fiji Development Bank’s (FDB) Commercial Banks’ Demand Promissory notes during the December Deposit $M quarter. 700 600 Foreign Exchange Markets 500 400 Exchange rate movements between the 300 (FJD) and our major trading 200 partners’ remained generally 100

0 mixed over the December quarter (Graph Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 17). On a quarterly basis, the FJD Source: RBF strengthened against the Japanese Yen (3.5%), the US dollar (2.7%) and the Euro Money Markets (0.3%) but depreciated against the NZ (- 4.1%) and the Australian (-0.9%) dollars. In the fourth quarter of 2019, government T-Bills were oversubscribed by $94.5 Graph 17 million and a total of $60.0 million was Exchange Rates accepted on the 91, 182 and 364 day NZ$; A$; F$/Selected Currencies US$; EUR (Month End) YEN maturities with yields of 2.32, 3.01 and 1.0 70 3.63 percent, respectively. The amount YEN 60 tendered declined over the quarter by 48.8 0.8 50 percent ($176.0m). NZD 40 0.6 AUD 30 The Bond Market USD 20 0.4 The Fijian Government’s Infrastructure EUR 10 Bonds were oversubscribed by $56.2 0.2 0 million in the December quarter and a total 2013 2014 2015 2016 2017 2018 2019 of $70.0 million was accepted on maturities Source: RBF of 15 and 20 years with yields of 6.50 and 7.00 percent, respectively. Viti Bond The FJD remained relatively stable as the issues totalled $3.1 million and was Nominal Effective Exchange Rate (NEER) accepted on the 5, 7 and 10 year maturities index rose marginally (0.1%) over the with fixed rates of 4.00, 4.50 and 5.00 December quarter compared to the fall (- percent, respectively. There was no issue 0.1%) in the previous quarter. of green bonds in the review period. The Real Effective Exchange Rate (REER) Statutory body bonds5 were index declined over the quarter to undersubscribed by $20.0 million in the December by 1.7 percent (from -1.1% in review quarter. A total of $21.0 million September), due to lower relative prices was accepted on the 2, 4 and 5 years against all major trading partners on maturities with yields of 4.48, 5.68 and account of persistent negative domestic 5.78 percent, respectively. There was no inflation in the fourth quarter (Graph 18).

5 Statutory body bonds include those issued by FDB and Housing Authority (HA).

11 RBF Quarterly Review December 2019 Graph 18 commercial banks’ (both local and foreign Real Effective Exchange Rate currency) lending to PSBEs. (Monthly Average) Index 115 On the liabilities side, narrow money (M1) 110 rose over the quarter by 1.5 percent 105 ($72.1m) in December compared to the 2.7 100 percent ($131.7m) growth in September.

95 The outturn in M1, was underpinned by

90 increased transferable deposits (1.5%,

85 $64.3m), relative to September (3.3%, 2013 2014 2015 2016 2017 2018 2019 $136.1m). Higher currency in circulation Source: RBF over the December quarter (1.2%, $7.8m from -0.7%, and -$4.4m in September Financial Intermediaries 2019) also supported M1 growth. Moreover, other deposits also increased Broad money (M3) rose on a quarterly over the quarter, albeit lower (1.2%, basis by 1.3 percent ($112.3m) to $8,611.3 $42.0m from 3.5%, $115.2m), owing to million in December 2019, lower than the increased time and savings deposits of quarterly growth of 2.8 percent ($231.8m) private individuals held with commercial in September 2019. The growth in M3 was banks. led by increased net foreign assets (6.7%, $125.4m) on account of the growth in gross Commercial banks’ outstanding loans reserves (2.7%, $58.6m). increased over the quarter by 1.0 percent ($72.2m) to total $7,040.5 million, Net domestic assets however, fell on a compared to the 0.6 percent decline quarterly basis by 0.3 percent (-$19.6m) in (-$44.6m) over the September quarter to December 2019, compared to the 0.8 $6,968.3 million (Graph 19). percent growth ($54.4m) recorded in September 2019. This was on account of Graph 19 the relatively weaker quarterly growth in Commercial Banks’ Lending to $M Sectors net domestic credit (NDC) (0.1%, $5.0m) 2,500 in December 2019 compared to the 1.3 percent ($105.5m) growth in the September 2,000 Private Individuals quarter. Wholesale, Retail, 1,500 Hotels & Restaurants

The subdued quarterly outcome in NDC 1,000 was mainly explained by the reduction in Real Estate net credit to non-financial public sector 500 Manufacturing (-24.7%, -$70.3m from 61.9%, $109.0m) Building & Construction 0 as commercial banks’ investment in 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 government T-Bills declined during the Source: RBF review period. Nonetheless, the turnaround in quarterly growth for PSC of The quarterly outcome was attributed to the 0.9 percent ($75.6m) in December helped increase in credit to the real estate (6.7%, sustain overall NDC growth. This was $75.8m), private individuals (1.7%, largely attributed to the increase in $35.0m), manufacturing (5.9%, $26.4m)

12 RBF Quarterly Review December 2019 and professional & business services respectively, over the fourth quarter of (9.0%, $10.4m) sectors. 2019 (Graph 20).

Similarly, new lending by commercial Graph 20 Interest Rates banks rose on a quarterly basis by 27.3 Percent percent ($156.1m) to $727.6 million in the 10 December quarter, compared to a contraction of 11.2 percent (-$71.8m to 8 Loans & Advances $571.5 million) in the September quarter. The outturn was driven by the significant 6 Time Deposits increase in new loans to the real estate 4 (89.2%, $59.3m) followed by the transport & storage (96.5%, $15.0m), private 2 Savings Deposits individuals (9.5%, $13.8m), and building 0 & construction (31.5% $10.0m) sectors. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: RBF The commercial banks’ weighted average new lending rate increased to 6.94 percent Banking Industry Quarterly Condition in December 2019 compared to the 6.85 Report – September 2019 percent recorded in September 2019. Similarly the outstanding lending rate rose The overall performance of commercial to 6.30 percent from 6.25 percent at the end banks in the September 2019 quarter of the previous quarter. The existing time continued to be assessed as satisfactory, deposit rate fell to 4.10 percent in attributed to satisfactory ratings for capital, December 2019 from 4.31 percent in earnings, asset quality and management, September 2019 while the new time deposit while liquidity was assessed as marginal. rate decelerated to 3.14 percent from 4.53 percent over the same period. Balance Sheet

Given the significant fall in the weighted The balance sheet of commercial banks average time deposit rates and the slight continued to grow and increased by 2.8 increase in weighted average lending rates, percent (or $279.3m) to $10.2 billion, the new and outstanding interest rate spread attributed mainly to increases in ESA widened by 148 and 27 basis points, balances and investments. ESA balances

13 RBF Quarterly Review December 2019 increased by $178.4 million, investments Demand deposits grew by 3.7 percent (or by $129.8 million, SRD by $42.1 million $182.4m) to $248.8 billion, on the back of and cash by $28.0 million (Graph 21). increases in PSBEs6 by $93.3m, NBFIs7 by $34.8m and central government by $25.0m. Graph 21 Structural Change and Growth in Time deposits grew by 2.2 percent Commercial Bank Assets ($57.7m) to $2.7 billion, underpinned by Other assets Cash & balances with the central bank increases in deposit placements by private Investment securities $M Deposits with banks and at call individuals ($33.4m), NBFIs ( $14.4m), Net loans and advances to customers 10,000 public enterprises ($11.6m) and PSBEs 9,000 8,000 ($8.7m). This was offset partially by 7,000 central government withdrawals ($13.3m). 6,000 5,000 The growth in savings deposits was mainly 4,000 3,000 attributed to the placements by NBFIs of 2,000 $35.6 million, noting the withdrawals by 1,000 0 private individuals of $7.2 million. 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Commercial Banks Demand deposits continued to represent On an annual basis, total assets grew by 5.7 the largest share of the commercial banks’ percent (or $548.8m) from $9.7 billion as total deposits at 62.5 percent, followed by at 30 September 2018. time and savings deposits at 33.4 percent and 4.1 percent, respectively. Commercial banks represented 47.7 percent of the Fijian financial system’s Financial Intermediation gross assets (excluding the RBF) of $21.4 Gross loans of commercial banks noted a billion as at 30 September 2019. decrease of 0.8 percent (or $61.1m) to $7.3 billion. All sectors contributed to the Balance Sheet Funding decline in gross loans except the real estate and private individuals sectors, which grew by $25.6 million and $21.9 million, Commercial banks’ total deposits respectively. On an annual basis however, maintained its growth momentum and gross loans increased by 5.7 percent (or increased by 3.4 percent (or $272.7m) to $269.9m) from $7.0 billion as at 30 $8.2 billion, underpinned by the increase in September 2018 (Graph 23). all deposit categories (Graph 22).

Graph 22 Graph 23 Commercial Banks’ Customer Deposits Commercial Banks’ Loans and Growth $M Rate Total Customer Deposits Percent 9,000 30 Quarterly Growth (RHS) $M Gross Loans, Advances and Leases Percent 8,000 25 8,000 Quarterly Loans growth rate (RHS) 30 7,000 20 7,000 25 6,000 15 6,000 20 5,000 10 5,000 15 4,000 5 4,000 10 3,000 3,000 5 0 2,000 2,000 0 1,000 -5 1,000 -5 0 -10 0 -10 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Commercial Banks Source: Commercial Banks

6 Private sector business entities. 7 Non-bank financial institutions.

14 RBF Quarterly Review December 2019 Gross loans to PSBEs stood at $4.7 billion, $1.7 billion and represented 22.5 percent of noting a decrease of 1.5 percent (or commercial banks’ gross loans, and 130.2 $69.7m), emanating from the decrease in percent of total capital. all sectors except real estate. The largest decreases were noted in the wholesale, Capital Adequacy retail, hotels & restaurants sector by $24.6 million, and the manufacturing sector by Commercial banks’ capital adequacy $9.8 million. remained satisfactory, at 17.9 percent, above the prudential minimum requirement The household sector in contrast recorded of 12.0 percent (Graph 25). an increase to $2.1 billion, driven by loans disbursed for first home ownership by Graph 25 $17.5 million and “other” purposes Commercial Banks' Capital Percent Adequacy Ratio (including credit card receivables) by $2.7 20 Average Capital Adequacy Ratio million. Loans to private individuals for 18 Minimum Requirement 16 personal transport however decreased by 14 12 $6.1 million. 10 8 Graph 24 6 4 Commercial Banks' Gross Loans, 2 Advances & Leases by Sector 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 $M Foreign Source: Commercial Banks 8,000 Public Currency 7,200 Sector 6,400 Total capital increased by 16.8 percent (or Households 5,600 $5.8m) to $1.3 billion, due to the addition 4,800 of unaudited retained profits ($38.9m) and 4,000 3,200 Private assigned capital ($12.8m). Total risk Sector 2,400 Business weighted assets increased by 0.4 percent to 1,600 Entities $7.1 billion. 800 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 The increase in risk weighted assets Source: Commercial Banks resulted from the increase in off-balance sheet exposures by 14.2 percent, while the In terms of composition, lending continued risk weighted balance sheet exposures fell to be concentrated in private individuals by 1.0 percent, emanating from the 100 (30.3%), followed by the wholesale, retail, percent risk weight category. hotels & restaurant (20.6%) and real estate (16.3%) sectors. Non-performing loans (NPL) less specific provisions8 to capital ratio increased to 11.0 As at 30 September 2019, the 15 largest percent compared to 10.7 percent in the credit exposures of the industry totalled prior quarter (Graph 26).

8 Includes individually assessed provisions (IAP) and collectively assessed provisions (CAP).

15 RBF Quarterly Review December 2019 Graph 26 the downgrade of accounts from the Commercial Banks' Capacity to doubtful category which declined by $7.4 Withstand Losses million. Nonperforming loans Specific provisions Capital and reserves Total past due levels increased over the $M NPL less Provisions to Capital 1,400 quarter by 19.0 percent (or $61.5m) to 14.0 1,200 12.0 $385.7 million. All past due categories 1,000 10.0 contributed to the growth except the 6 800 8.0 600 6.0 months to 1 year category, which decreased 400 4.0 by $16.6 million (Graph 28). 200 2.0 0 0.0 Graph 28 Commercial Banks' Past Due Status Source: Commercial Banks $M > 2 Yrs 1 - 2 Yrs 6 - 1 Yr 3 - 6 Mths 1 - 3 Mths 380 Asset Quality 340 300 As at 30 September 2019, asset quality of 260 commercial banks continued to be assessed 220 180 as satisfactory despite an increase in the 140 classified exposures to gross loans ratio 100 from 2.8 percent to 3.1 percent (Graph 27). 60 20 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Graph 27 Source: Commercial Banks

Commercial Banks’ Non- Performing Loans Commercial banks’ NPLs continued to be Non-performing loans concentrated in the private individuals $M Total Gross Loans Percent 8,000 NPL to Total Gross Loans (RHS) 3.5 sector (25.1%), followed by the wholesale,

$M 7,000 3.0 retail, hotels & restaurants sector (16.7%), 6,000 2.5 transport & storage sector (14.9%) and real 5,000 2.0 estate sector (12.6%) (Graph 29). 4,000 1.5 3,000 1.0 Graph 29 2,000 Commercial Banks’ Concentration 1,000 0.5 Risk 0 0.0 Agriculture & Mining & Quarrying Manufacturing 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Building & Construction Real Estate Source: Commercial Banks Wholesale, Retail, Hotels & Rests Transport & Storage Electricity, Gas & Water Professional & Business Services Private Individuals Others Percent NPLs increased by 4.4 percent (or $5.5m) 100 during the review quarter to $130.3 million, 80 as a result of the $13.0 million increase in 60 the loss category. This was due in part to 40 20 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Commercial Banks

16 RBF Quarterly Review December 2019 Commercial banks’ specific provisions monetary assets and costs of funds which stood at $81.0 million, a decrease of $0.5 has seen increases in interest income and million over the quarter which led to the interest expenses, respectively. drop in the specific provisions to NPLs ratio from 39.4 percent to 36.3 percent. Similarly non-interest income showed an The GRCL9 to net loans ratio remained at upward trend from the September 2018 1.0 percent. quarter with the two main components of income from overseas exchange Earnings and Interest Spread transaction and fees & charges noting slight increases over the quarter and year (Table The commercial banks’ earnings 1). performance was assessed as satisfactory for the quarter under review underpinned Table 1 Commercial Banks’ Combined Income by a profit before tax of $70.6 million, up Statement from $64.1 million in the June 2019 Quarter Sep-18 Jun-19 Sep-19 % Change quarter. Performance Over Over $M Qtr. Year

Interest Income 105.3 113.2 120.9 6.8 14.8 The growth in profitability was attributed Interest Expense 35.2 43.9 48.3 10.0 37.2 to a greater increase in operating income, Net interest compared to the increase in operating income 70.1 69.3 72.6 4.6 3.6 Add: Non interest expenses as well as a notable decline in bad incomes 59.7 62.3 67.2 7.9 12.7 debts and provision expenses. Income from overseas exchange The growth in the operating income of transactions 24.6 24.0 25.3 5.4 2.8 Commission 4.6 3.8 4.8 26.3 4.3 commercial banks was a factor of increases Fee Charges 21.8 22.0 22.6 2.7 3.7 in both interest income (by 6.8%) and non- Other income 8.5 12.5 14.5 16.9 70.6 interest income (by 7.9%). Operating Equals Total operating expenses also noted an increase of 10.8 income 129.8 131.6 139.8 6.2 7.9 percent and stood at $66.7 million. Bad Less: Operating expenses 60.2 60.2 66.7 10.8 10.8 debts & provisions decreased by $4.7 Less: Bad Debts & million in the September 2019 quarter as a provisions 4.2 7.3 2.6 (64.4) (38.1) Equals: result of the decrease in individually Profit before tax 65.3 64.1 70.5 10.1 8.1 assessed provisions by $4.6 million. Less: Tax 11.9 12.9 14.9 14.6 25.2 Net profit after tax 53.5 51.2 55.6 8.6 3.9 On an annual basis, profits before tax increased by 8.0 percent (or $5.2m). Source: Commercial Banks

The net interest income results over the Commercial banks’ efficiency ratio quarter and the year reflected the gradual increased to 47.7 percent (June 2019: increasing trend in both the return on 45.8%), resulting from a higher rate of

9 General reserve for credit losses.

17 RBF Quarterly Review December 2019 increase in operating expenses than Graph 32 operating income (Graph 30). Commercial Banks’ Margin and Spread Percent Graph 30 6 Commercial Banks' Earnings & 5 Expenses Percent Return on Earning Assets 60 4 50 3 Spread 40 Interest Margin to Operating Income Trading Income to Operating Income 2 30 Cost of Funds Non Interest Expenses to Operating Income 20 1

10 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Commercial Banks Source: Commercial Banks Liquidity Accordingly, the annualised return on assets (ROA) and return on equity (ROE) Commercial banks’ liquidity position for marginally increased over the quarter to continued to be assessed as marginal, 2.8 percent and 21.9 percent, respectively considering the level of liquid assets (Graph 31). reported, reflecting the industry’s ability to meet short term liabilities. Graph 31 Commercial Banks' ROA and ROE Liquid assets10 improved by 17.9 percent

Percent Before Tax Annualised ROE (L.H.S) Percent ($303.2m) to $2.0 billion, underpinned by 30 7 increases in the exchange settlements 25 6 accounts ($178.4m), investments 20 5 4 ($129.8m) and cash on hand ($28.0m), 15 3 (Graph 33) 10 2 5 1 Graph 33 0 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Commercial Banks’ Liquid Assets Source: Commercial Banks Ratio Total Assets $M Percent Liquid Assets The combined interest spread for 11,000 35 10,000 Liquid Assets to Total Assets (RHS) commercial banks remained at similar $M 30 9,000 levels of 3.2 percent over the quarter, as the 8,000 25 7,000 increase in return on earnings assets was 6,000 20 5,000 15 off-set by the increase in cost of funds 4,000 (Graph 32). 3,000 10 2,000 5 1,000 - 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Commercial Banks

10 Liquid assets include cash on hand, demand from corresponding foreign banks and holding of balances at RBF, demand and term balances due Government and Quasi Government debt securities.

18 RBF Quarterly Review December 2019 Accordingly, commercial banks’ liquid based on strong capital positions, assets ratio, which is an indicator of the satisfactory earnings, marginal liquidity liquidity available to meet expected and and poor asset quality. unexpected demand for cash, stood at 19.4 percent compared to 17.0 percent in the Balance Sheet prior quarter. Similarly, commercial banks’ loans to deposit ratio fell to 88.7 As at 30 September 2019, credit percent from 92.5 percent as at 30 June institutions’ total assets grew over the 2019. quarter by 4.5 percent (or $30.5m) to $707.5 million attributed to the increases in Furthermore, commercial banks’ core11 net loans ($16.5m) and deposits with banks liquidity ratio increased to 75.2 percent ($7.2m). from 69.1 percent in June 2019, indicating that commercial banks are adequately Graph 35 placed to meet short term withdrawal of Structural Change and Growth in Credit Institutions’ Assets funds (Graph 34). $M Other assets Investment securities 800 Deposits with banks & at call Graph 34 700 Loans and advances to customers Commercial Banks’ Core Liquidity 600 Ratio 500 Core Liquidity 400

$M TD maturing in 3 months or less + Demand Percent 300 Deposits of NBFIs 120 2,500 Core Liquidity Ratio (RHS) 200 100 100 2,000 80 0 1,500 2014 2015 2016 2016 2017 2018 Mar-19 Jun-19 Sep-19 60 Source: Credit Institutions 1,000 40 500 20 The credit institutions’ total gross assets - 0 relative to the Fijian financial system stood Source: Commercial Banks at 3.4 percent.

The 15 largest depositors of the Balance Sheet Funding commercial banks reported a holding of $2.1 billion (June 2019: $2.0b) and Total deposits of credit institutions accounted for 25.5 percent of total deposits increased by 3.6 percent (or $16.9m) and and 28.2 percent of total loans as at 30 stood at $484.6 million as at 30 September September 2019. 2019. The increase was attributed to deposits received from private individuals Overview – Credit Institutions ($11.5m), NBFIs ($7.5m) and public enterprises ($4.4m). On an annual basis, The overall performance of the credit total deposits of credit institutions institutions continued to be assessed as increased by 9.4 percent from $443.1 marginal in the September 2019 quarter, million (Graph 36).

11 the ratio of core liquidity to term deposits maturing Core liquidity includes cash on hand, demand in three months or less plus demand deposits of non- balances at RBF and demand balances due from bank financial institutions. corresponding foreign banks. Core liquidity ratio is

19 RBF Quarterly Review December 2019 Graph 36 As at 30 September 2019, loans to private Credit Institutions’ Customer Term individuals increased by 5.3 percent (or Deposits $M Customer Term Deposits Percent $10.7m) to $211.8 million, mainly 600 Quarterly Growth (RHS) 60 Annual Growth (RHS) underpinned by the $7.7 million increase in 500 40 “others” loans, and personal transport loans 20 400 0 by $3.1 million. 300 -20 200 -40 Loans to PSBEs increased by 1.6 percent 100 -60 0 -80 (or $5.9m) to $378.0 million underpinned 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 by the building & construction ($3.7m) and Source: Credit Institutions wholesale, retail, hotels and restaurants ($2.3m) sectors. Financial Intermediation The private individuals sector continued to The credit institutions’ lending portfolio represent a large portion of the credit continued to grow with gross loans and institutions’ gross loans at 35.8 percent, advances increasing over the quarter by 2.9 followed by the transport & storage percent ($16.5m) to $591.0 million, driven (26.7%) and building & construction by increased borrowings of private (12.7%) sectors. individuals and PSBEs (Graph 37). The 15 largest credit exposures stood at On an annual basis, loans grew by 14.8 $47.6 million, and represented 8.0 percent percent (or $76.3m) from $514.7 million, of credit institutions’ gross loans and 38.1 and accounted for 78.1 percent of the total percent of its total capital. assets of the credit institutions. Capital Adequacy Graph 37 Credit Institutions’ Loans and The capital adequacy ratio remained strong Growth Rate however, a slight decrease of 3.3 percent Loans and advances to customers was noted over the quarter to 20.3 percent. Quarterly loans growth rate (RHS) $M Percent Annual loans growth rate (RHS) All credit institutions continued to comply 600 45 550 35 with the minimum prudential requirement 500 25 and maintained their capital adequacy 450 15 ratios above 15.0 percent (Graph 38). 400 5 350 -5 300 Graph 38 -15 250 Capital Adequacy Ratio of Credit -25 Percent 200 Institutions 150 -35 40 35 Average Capital Adequacy Ratio 100 -45 Minimum Requirement 30 -55 50 25 0 -65 20 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 15 Source: Credit Instituitions 10 5 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Credit Institutions

20 RBF Quarterly Review December 2019 Total capital increased over the quarter by Graph 40 2.8 percent (or $3.4m) to $124.6 million, Credit Institutions' Non Performing underpinned by the increases in disclosed Loans Non Performing Loans reserves by $10.4 million and general Total Gross Loans reserve for credit losses (GRCL) by $0.4 $M NPL's to Gross Loans (RHS) Percent million, while retained profits decreased by 700 18 600 16 14 $7.2m. 500 12 400 10 Total risk weighted assets increased by 6.3 300 8 6 200 percent (or $36.1m) to $612.9 million, 4 mainly due to the increase in other loans to 100 2 0 0 the private sector ($18.6m). 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Credit Institutions Credit institutions’ ability to withstand non-performing loans related losses, as Non-performing loans further increased indicated by the NPLs less provisions to during the quarter by 11.7 percent (or capital ratio, increased from 38.1 percent to $8.2m) to $78.0 million resulting from 45.1 percent as at 30 September 2019 downgrading of accounts to the underpinned by the increase in NPLs substandard and doubtful categories. (Graph 39). The doubtful and substandard categories Graph 39 increased by $5.5 million and $5.0 million Credit Institutions’ Capacity to respectively, as accounts were downgraded Withstand Losses from the standard and special mention Non-performing loans $M Specific provisions Percent categories. 150 Capital and reserves 50 NPL less Provisions to Capital 40 100 The loss category however decreased by 30 $2.4 million to $9.8 million as accounts 20 50 were either upgraded or written off during 10 the quarter. The special mention category 0 0 decreased by $3.5 million and stood at 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Credit Institutions $98.7 million.

Asset Quality In terms of coverage, specific provisions to classified exposures decreased to 26.5 Credit institutions’ asset quality continued percent from 30.2 percent in line with the to be assessed as poor. The classified increase in NPLs. exposures to gross loans ratio stood at 13.2 percent as at 30 September 2019, an The GRCL represented 1.1 percent of net increase from 12.2 percent in the prior loans and stood at $6.2 million. quarter (Graph 40).

21 RBF Quarterly Review December 2019 Credit institutions’ NPLs continued to be Earnings and Interest Spread concentrated in the private individuals (35.8%) sector, followed by the transport & Overall earnings performance continued to storage (26.7%) and building & be assessed as satisfactory, noting the construction (12.7%) sectors. slight decline in profit before tax only by 4.1 percent to $9.3 million. Over the year, Past due levels increased to $101.3 million, profit before tax increased slightly from up from $92.0 million in the prior quarter $9.2 million (Table 2). due to increases in all age brackets (Graph 41) Table 2 Credit Institutions’ Income Statement Quarter Sep-18 Jun-19 Sep-19 Graph 41 % Change Performance Over Over Credit Institutions’ Past Due Status ($M) Qtr. Yr. $M > 2 Yrs 1-2 Yrs 6 Mnths-1 Yr 21.3 24.2 25.4 5.0 19.2 110 3-6 Mnths 1-3 Mnths Interest Income 100 5.3 6.4 7.1 10.9 34.0 90 Interest Expense 80 16.0 17.8 18.3 2.8 14.4 70 Net interest income 60 50 Add: Non-interest 0.9 0.8 1.0 25.0 11.1 40 income 30 Commission 0.0 0.0 0.0 0.0 0.0 20 Fee Charges 0.4 0.5 0.5 0.0 25.0 10 Other income 0.3 0.2 0.5 150.0 66.7 0 Total operating 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 16.9 18.6 19.3 3.8 14.2 Source: Credit Institutions income Less: Operating 6.6 7.3 7.8 6.8 18.2 expenses

Credit institutions’ NPLs continued to be Less: Bad Debts & 1.1 1.6 2.2 37.5 100.0 concentrated in the transport & storage provisions Profit before tax 9.2 9.7 9.3 (4.1) 1.1 (30.7%), followed by private individuals Less: Tax 1.7 1.8 1.7 (5.6) 0.0 (10.4%) and professional and business Net profit after tax 7.5 7.9 7.7 (2.5) 2.7 service (8.8%) sectors (Graph 42). Source: Credit Institutions

The credit institutions’ net interest income Graph 42 stood at $18.3 million, a slight increase of Credit Institutions’ Concentration Risk $0.5 million over the quarter, as a result of Others Private Individuals a higher increase (by $1.2m) in interest Professional & Business Services Electricity, Gas & Water Transport & Storage Wholesale, Retail, Hotels & Rests income compared to the increase (by Real Estate Building & Construction $0.7m) in interest expense. Manufacturing Agriculture & Mining & Quarrying Percent 100 Credit institutions’ non-interest expenses to 80 operating income ratio increased to 40.9 60 percent from 38.7 percent in the prior

40 quarter indicating a drop in efficiency.

20 Interest margin to operating income

0 decreased to 94.6, from 95.7 percent in the 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 prior quarter (Graph 43). Source: Credit Institutions

22 RBF Quarterly Review December 2019

Graph 43 Graph 45 Credit Institutions’ Earnings and Credit Institutions’ Margins and Percent Percent Expenses 18 Spreads Return on Monetary Assets 120 16 Interest Margin to Operating Income 14 100 12 10 Spread 80 8 60 6 4 Cost of Funds 40 2 Non-Interest Expenses to Operating Income 0 20 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 0 Source: Credit Institutions 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19

Source: Credit Institutions Liquidity

The annualised ROE and ROA ratios for The liquidity position of credit institutions credit institutions as at 30 September 2019 remained marginal. As at 30 September stood at 28.6 percent and 5.3 percent, 2019, liquid assets12 were reported at respectively (Graph 44). $120.6 million, an increase of 6.6 percent

Graph 44 (or $7.4m). Credit Institutions’ ROA and ROE Percent Percent This was attributed mostly to the increase 35 Before Tax Annualised ROE (LHS) 10 in deposits with banks ($7.2m) to $102.9 9 30 8 million. Liquid assets represented 17.0 25 7 20 6 percent of the credit institutions’ total 5 15 4 assets (Graph 46). 10 3 2 5 Before Tax Annualised ROA (RHS) 1 Graph 46 0 0 Credit Institutions’ Liquid Assets 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Ratio Source: Credit Institutions $M Total Assets Percent 800 Liquid Assets 25 Liquid Assets to Total Assets (RHS) The interest spread of credit institutions 20 reduced to 10.0 percent from 10.2 percent 600 15 in the June 2019 quarter, underpinned by 400 10 the greater increase in cost of funds 200 compared to the return on monetary assets 5 0 0 (Graph 45). 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Source: Credit Institutions

12 Liquid assets include demand and term balances with banks, and holdings of Government and Quasi Government debt securities.

23 RBF Quarterly Review December 2019 In terms of coverage of short term Graph 47 liabilities, the core liquidity13 ratio Life Insurers’ Solvency $M increased slightly over the quarter to 68.2 600 Adjusted Net Assets percent from 67.3 percent, attributed to a Required Solvency Margin greater increase in short term liquidity. Solvency Surplus 400 Insurance Industry Quarterly Condition Report – September 2019 200

Overview 0 2014 2016 2018 Jun-19 The insurance industry’s performance Source: Insurance Companies continued to be assessed as satisfactory for the September 2019 quarter, attributed to a Assets strong solvency position, satisfactory earnings and liquidity levels. Total assets stood at $1.4 billion recording an increase of 1.3 percent (or $17.8m) over Life Insurers the quarter, and 6.4 percent over the year.

Capital Graph 48 Distribution of Assets of Life The consolidated solvency surplus for life Insurance Companies $M insurers’ recorded a growth of 5.1 percent 1600 Other Assets (or $20.2m) to $419.5 million due to the 1400 Loans increase in net adjusted solvency capital 1200 over the September 2019 quarter. 1000 800 The reported solvency surplus continued to 600 be assessed as strong as it was 15.9 times 400 above the mandated requirement of $26.3 200 0 million. The solvency capital held by the 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 life insurance sector stood at $445.8 Source: Insurance Companies million (Graph 47).

13 Core liquidity includes demand balances with banks. Core liquidity ratio is the ratio of core liquidity to term deposits maturing in three months.

24 RBF Quarterly Review December 2019 The increase in assets was underpinned by billion over the quarter, attributed due to the growth in investments (by $23.2m) the growth in the balance of revenue over the quarter, which was partially offset account. by the decreases in loans (by $2.0m), other assets (by $1.4m), intangible assets (by The balance of revenue account continued $0.8m), amounts due from reinsurers on to dominate total liabilities at 95.9 percent, outstanding claims (by $0.6) and cash on which increased by $17.2 million to $1.3 hand (by $0.4m) (Graph 48). billion as a result of the growth in policyholder liabilities. Investments grew as at 30 September 2019, mainly due to the acquisition of additional Other provisions supplemented the growth shares in non-related persons ($12.9m) and in total liabilities increasing slightly by government securities ($12.9m). In $0.5 million to $24.2 million, attributed to contrast, bank deposits noted a major increases in employee entitlements. decline of $2.5 million. Earnings Investments continued to be the major asset class for life insurers at 87.3 percent. Life insurers recorded an after tax profit of Government securities accounted for the $12.0 million for the September 2019 majority of total investments at 59.3 quarter, with the earnings level continued percent, followed by shares (27.0%), land to be assessed as satisfactory. and buildings (8.6%), bank deposits (4.6%), other investments (0.4%) and Total income declined by 2.7 percent (or debentures (0.3%) (Graph 49). $1.6m) to $58.8 million over the quarter. Net insurance premium recorded the Graph 49 highest drop of $1.5 million to $35.2 Composition of Investments million followed by asset value $M Land and buildings Shares 1,400 appreciation of equities and properties by Debentures Bank deposits 1,200 Government Securities $0.7 million to $4.5 million. 1,000 Total outgoings also decreased by 4.0 800 percent (or $1.9m) to $46.7 million, 600 underpinned by the reduction in policy 400 liabilities by $1.3 million. Net policy 200 payments, net commissions incurred and 0 operating expenses all recorded minor 2014 2015 2016 2017 2018 Mar-19Jun-19Sep-19 decreases. Source: Insurance Companies

Liabilities Liquidity

Total liabilities also increased by 1.3 Life insurers’ liquid assets increased (by percent (or $16.6m) remaining at $1.3 $10.0m) to $797.1 million. The liquidity

25 RBF Quarterly Review December 2019 ratio, which measures the ability of life to increases in amounts due from reinsurers insurers to meet both outstanding claims on outstanding claims (by $10.6m), and policyholder liabilities, stood at 62.5 outstanding premiums 3 months and under percent compared to 63.4 percent in the (by $10.4m), cash on hand (by $6.2m) and prior quarter. land and buildings (by $5.1m). Decreases were noted for bank deposits (by $5.2m), Despite the slight decline, the coverage of and outstanding premiums 3 months and liquid assets to policy liabilities continued over (by $1.9m) which partially offset the to be assessed as satisfactory. increases.

General Insurers The general insurers’ total assets was largely dominated by bank deposits at 42.2 Capital percent, followed by outstanding premiums for 3 months and under at 12.4 percent, Solvency surplus grew over the quarter by amounts due from reinsurers on claims paid 3.2 percent (or $3.1m) to $99.9 million. at 12.2 percent and cash on hand at 11.3 The reported solvency level was 3.4 times percent (Graph 51). above the requirement of $29.6 million, and was rated strong (Graph 50). Graph 51 Distribution of Assets for Graph 50 General Insurance Companies General Insurers’ Solvency $M Other Assets 450 Govt Securities $M Adjusted Net Assets 400 160 350 140 300 120 250 200 100 150 80 100 50 60 0 40 2014 2015 2016 2017 2018 Mar-19Jun-19 Sep-19 Source: Insurance Companies 20 0 2014 2016 2018 Jun-19 Reinsurance Source: Insurance Companies Total reinsurance ceded offshore, under The increase in solvency surplus was both treaty and facultative reinsurance largely due to the increase in admissible arrangements totalled $15.0 million assets compared to the decline in required compared to $13.1 million in the prior solvency margin over the quarter. quarter. All general insurers complied with the reinsurance requirements Assets Liabilities Total assets grew over the quarter by 7.3 percent (or $28.6m) to $418.4 million, Total liabilities increased by 10.1 percent noting an annual growth of 5.7 percent, due (or $24.2m) to $263.2 million over the

26 RBF Quarterly Review December 2019 quarter. On an annual basis, total liabilities underpinned by the growth in underwriting grew by 7.6 percent (or $18.6m). results from $0.9 million to $6.5 million in the September 2019 quarter (Graph 53). The results over the quarter was due to the increases in unearned premium provisions Graph 53 (by $9.2m), reported claims provisions (by General Insurers’ Viability $8.9m), amounts due to reinsurers (by $M Net earned premium Net claims incurred 60 Net profit Underwriting results $3.7m) and IBNR claims (by $1.8m). 50 40 30 This increase was partially offset by 20 decreases noted in amounts due to related 10 persons (by $1.2m) and taxation (by 0 -10 $0.6m). -20 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Outstanding claims provisions (admitted Source: Insurance Companies claims and IBNR) accounted for majority of the general insurers’ liabilities at 43.6 The significant turnaround in underwriting percent, followed by unearned premium surplus has been attributed to the increase provisions at 36.2 percent and other in net earned premiums by $7.1 million to liabilities at 14.9 percent (Graph 52). $42.3 million and the decline in net claims incurred by $2.2 million to $24.1 million. Graph 52 Underwriting expenses also increased by Distribution of Liabilities for 40.9 percent (or $3.4m) to $11.7 million which could be associated with the growth $M General Insurers 300 Other liabilities in management fees over the quarter. 250 200 Overall, the earnings performance of the 150 general insurance industry continued to be 100 assessed as satisfactory as at the September 50 2019 quarter. 0 2014 2015 2016 2017 2018 Mar-19 Jun-19 Sep-19 Liquidity Source: Insurance Companies Earnings Total liquid assets of the general insurers increased slightly by 0.4 percent (or $0.9m) The general insurance industry reported a to $225.8 million over the quarter, and statutory after tax profit of $4.6 million, a assessed as sufficient to cater for the significant upturn from the after tax profit outstanding claims provisions by 2.0 times. of $0.9 million in the prior quarter,

27 RBF Quarterly Review December 2019 Overall, the sector’s liquidity position is increases in premiums received from assessed as satisfactory during the quarter licensed insurers and unlicensed insurers under review, to meet short term liabilities. by $25.4 million and $22.9 million, respectively. Insurance Brokers Of the total monies received, 55.7 percent Earnings were from premium monies received on behalf of local insurers, followed by The insurance broking sector recorded an premiums received for the offshore after tax profit of $2.1 million for the insurers at 43.9 percent. September 2019 quarter (June 2019: $3.2m). The decline in profitability was Total monies withdrawn also increased by attributed to the decrease in revenue by 94.4 percent (or $38.1m) to $78.4 million 12.7 percent (or $0.9m) and a subsequent during the quarter. This was primarily due increase in expenses by 16.3 percent (or to the growth in premium payments to $0.5m). licensed and unlicensed insurers by $19.4

million and $16.6 million, respectively. Total revenue earned by the insurance brokers declined by 12.7 percent (or $0.9m) underpinned by the decrease in Of the total monies withdrawn, 55.1 brokerage earned as commission (by percent were from payments to licensed $0.8m). Brokerage earned as commission insurers, 35.7 percent from payments to continued to account for majority of the unlicensed insurers followed by 8.4 percent revenue at 92.2 percent. for payments to self.

Total expenses increased to $3.9 million Offshore Placements compared to $3.4 million in the prior quarter largely due to increases in ‘other A total of 393 offshore applications were expenses’. ‘Other expenses’ and ‘salaries approved during the September 2019 and wages’ continued to account for 45.9 quarter compared to 214 applications in the percent and 39.0 percent of the total prior quarter. expenses, respectively. Total premium remitted increased to $34.2 Insurance Broking Account million (June 2019: $15.8m), largely due to the growth in premiums remitted offshore The broking account balance increased by for material damage and business 45.2 percent (or $2.7m) to $8.6 million interruption (MD/BI). mainly due to the growth in monies received than withdrawn as at 30 By composition, the MD/BI class September 2019. continued to account for the largest share of premiums remitted offshore at 71.9 Total monies received increased percent, followed by term life at 6.7 significantly by 146.8 percent (or $48.2m) percent, while travel insurance continued to to $81.1 million largely attributed to account for majority of the number of

28 RBF Quarterly Review December 2019 applications received during the quarter, at Capital Markets Quarterly Performance 23.9 percent (Table 3). Report – September 2019

Table 3 The Stock Market Summary of Offshore Placements September 2019 June 2019 The stock market recorded varied results Category by % over the September 2019 quarter as the key ($M) No. ($M) No. Insurance Share performance indicators of market Class capitalisation and SPX Total Return Index Term life 2.3 10 6.7 2.3 10 (STRI) declined while number of trades, Medical 0.2 9 0.6 0.5 13 Aviation 0.8 10 2.3 4.5 14 and volume and value of shares traded Professio reported positive results. The buy and sell nal 0.7 55 2.0 0.3 18 ratio reflects significant increase in number Indemnity of securities on offer relative to bids. Compreh/ Excess/G 1.9 61 5.6 0.4 27 eneral/ The market capitalisation14 of listed PL securities stood at $3,396.0 million, a 6.7 MD and 24.6 43 71.9 4.8 29 BI percent (or $242.0m) decrease from the Marine June 2019 quarter. Over the year, market 1.0 18 2.9 0.5 11 Hull capitalisation grew by 27.3 percent (or Travel 0.3 94 0.9 0.1 47 $728.0m) from $2,668.0 million (Graph D & O 0.4 33 1.2 0.2 15 54). Liability Marine 0.4 10 1.2 0.0 1 Graph 54 Cargo Political Market Capitalisation 0.6 7 1.8 0.1 4 Violence $M Fines & 4200 Defence 0.0 0 0.0 0.0 0 3700 Costs 3200 Personal 0.3 16 0.9 0.0 1 2700 accident 2200 Marine 1700 Protection 0.1 10 0.3 0.3 12 1200 & Indemnity 700 Others 0.6 17 1.8 1.8 12 Source: SPX Total 34.2 393 100 15.8 214 Source: Insurance Brokers The decline in market capitalisation over the review quarter was largely attributed to

14 Market capitalisation is calculated as the number of issued and paid up ordinary shares multiplied by the current share price.

29 RBF Quarterly Review December 2019 the decreases in prices of six of the 21 listed average yield of 2.6 percent and capital securities, including four of the top five gain of 0.8 percent. listed entities in terms of market capitalisation namely, Amalgamated Total number of trades executed during the Telecom Holdings Limited (ATH), FMF September 2019 quarter increased to 1,039 Foods Limited (FMF), Fijian Holdings in comparison to 878 trades for the Limited (FHL) and Vision Investments preceding quarter. The increase in number Limited (VIL). of trades was underpinned by the listing of Port Denarau Marina Limited (PDM) on FHL accounted for 89.4 percent of the the SPX on 14 August 201915. decrease in market capitalisation, followed by ATH and FMF at 47.1 percent and 14.3 The volume of shares traded significantly percent, respectively. increased over the quarter by 9.2 million to 14.0 million, with trades for PDM The top five listed securities in terms of accounting for majority of the volume of market capitalisation accounted for 76.9 shares traded at 11.8 million (Graph 55). percent of the stock market (June 2019: 81.7%), reporting individual market share Graph 55 and movements over the quarter as follows: Number of Trades Number  ATH – 36.4 percent (June 2019: 2000 37.1%); 1800 1600  VIL – 13.2 percent (June 2019: 13.0%); 1400 1200  FHL – 10.9 percent (June 2019: 16.2%); 1000  FMF – 8.4 percent (June 2019: 8.8%); 800 600 and 400  R B Patel Group Limited (RBG) – 8.0 200 0 percent (June 2019: 6.6%). 2014 2015 2016 2017 2018 Jun-19 Sep-19 Source: SPX The STRI decreased by 7.7 percent to 7,874.4 over the quarter, largely driven by Similarly, the value of shares traded also the decrease in prices of six listed increased by $8.2 million to $19.9 million. securities. Relative to September 2018, the STRI increased by 20.7 percent from There were three special crossing 6,521.4. transactions conducted during the quarter for three listed securities, with a total The stock market recorded a year-to-date volume of 6.7 million valued at $9.7 (YTD) average return of 3.4 percent as at million. Excluding the special crossing 30 September 2019, consisting of an transactions, the volume and value of

15 June and September 2019 figures are for the respective quarters, while annual figures is for the year.

30 RBF Quarterly Review December 2019 shares traded stood at 7.3 million and $10.2 In terms of number of unitholders, million, respectively (Graph 56). individuals continued to dominate the MIS industry at 75.1 percent (June 2019: Graph 56 74.7%), while charitable organisations and Volume and Value Traded clubs continued to dominate in terms of Million Volume Traded (LHS) $M 9 15 number of units held at 38.9 percent (June 8 7 2019: 39.3%). 6 10 5 4 3 5 Balance Sheet 2 1 0 0 Funds under management grew by 1.2 2014 2015 2016 2017 2018 Jun-19 Sep-19 Source: SPX percent to $382.2 million, relative to an

increase of 3.2 percent in the preceding In comparison to the September 2018 quarter. The increase was mainly due to quarter, trading numbers increased by 724 growth in unitholders’ funds by $5.0 trades, with the volume and value of shares million. traded also increasing by 10.3 million and $14.3 million, respectively, in the On an annual basis, funds under September 2019 quarter. management increased by 15.8 percent.

The bid to offer ratio as at 30 September Assets 2019 stood at 1:18 which indicated a higher supply of securities relative to demand. The ratio is reflective of the number of Total assets recorded a 0.8 percent increase high-volume sell orders received. over the quarter to $386.9 million, mainly attributed to the growth in other assets, cash The Managed Investment Schemes on hand and accrued income of $1.8 (MIS) Market million, $1.3 million and $1.2 million, respectively. The increase in assets was The key performance indicators of the MIS offset by the reduction in investments of of funds under management, number of $1.0 million. unitholders, liquid assets to unit repurchase ratio, investment income and net profit Investments improved over the quarter while investment portfolio decreased. MIS combined investment portfolio declined by 0.3 percent to $368.8 million, The number of unitholders increased by largely underpinned by decreases in loans 1,182 over the quarter to 38,149, with and receivables by $1.6 million and cash individuals comprising 86.1 percent of the and cash equivalents (term deposits) by new investors. Similarly, the number of $1.0 million. Over the year, the MIS’s units held increased by 3.8 million to 259.1 investment portfolio grew by 13.6 percent million. from $324.7 million.

31 RBF Quarterly Review December 2019 By composition, listed securities continued income and capital gains on the disposal of to dominate the investment portfolio at investments. Moreover, investment 42.4 percent, followed by unlisted expenses also increased from $1.5 million securities (24.2%), cash and cash to $2.2 million (Table 4). equivalents (19.5%), bonds (10.0%), loans and receivables (3.2%), and property Table 4 (0.7%). MIS Combined Income Statement Sep- Jun- Sep- % Change 18 19 19 $M Over Over Liabilities Qtr. Yr.

Total liabilities decreased by 22.9 percent Investment income 3.7 2.3 4.1 78.3.1 10.8 to $4.7 million, largely due to decrease in Investment expense 1.2 1.5 2.2 46.7 83.3 distribution payables by $3.2 million. Net operating income 2.5 0.8 1.9 137.5 -24.0

Other operating income 0.0 0.0 0.0 0.0 0.0 Liquid Assets Total operating income 2.5 0.8 1.9 137.5 -24.0

Liquid assets increased by 0.3 percent to Non-investment expense 0.0 0.0 0.0 0.0 0.0 $84.7 million as at 30 September 2019, Profit before tax 2.5 0.8 1.9 137.5 -24.0 driven by the increase in holdings of cash Income Tax 0.0 0.0 0.0 0.0 0.0 on hand by $1.3 million which offset the decline in term deposits by $1.0 million and Net profit after tax 2.5 0.8 1.9 137.5 -24.0 is able to cover 22.2 percent of unitholders’ Source: MIS Returns funds. The liquid assets to unit repurchases ratio for the quarter was 11.6 times, a As a result of the increase in investment decrease from 11.8 times in the previous income, the annualised Return on quarter. Investment (ROI) for MIS increased from 2.5 percent in the June 2019 quarter to 4.5 Earnings percent.

The MIS recorded an after tax profit of $1.9 The Bond Market million for the September 2019 quarter relative to $0.8 million in the preceding The value of bonds outstanding increased quarter. The increase in the after tax profit by 1.0 percent to $4.3 billion due to an was largely due to the rise in investment additional $135.7 million (June income by $1.8 million to $4.1 million 2019:$113.6m) bond issuance during the (June 2019: $2.3m), contributed by quarter, which outweighed the redemptions increases in interest income, dividend of $78.8 million (June 2019: $45.0m).

32 RBF Quarterly Review December 2019

For the Record

RESERVE BANK OF FIJI PRESENTS ITS AUDITED FINANCIAL STATEMENTS FOR 2018-2019

Statement by the Governor of the Reserve Bank of Fiji, 03 October 2019

The Reserve Bank of Fiji Board at its meeting on million, slightly lower than the $31.5 million 26 September 2019 signed-off on the Bank’s recorded in the preceding financial year. A audited financial accounts for the year ending 31 transfer of $29.4 million will be made to July 2019. A copy of the financial statements Government, inclusive of $1.5 million being one together with the report of the Bank’s operations fifth of the Revaluation Reserve Account, as for the financial year August 2018 to July 2019 required under section 34(3) of the Reserve Bank was subsequently forwarded to the Honourable of Fiji Act. Attorney-General and Minister for Economy, Mr Aiyaz Sayed-Khaiyum, as required under section Governor Ali added that “the Reserve Bank 56 of the Reserve Bank of Fiji Act. similar to other central banks in the region and financial institutions in Fiji, has taken necessary Reserve Bank Governor and Chairman of the action to align to the International Financial Board, Mr Ariff Ali in announcing the release of Reporting Standards (IFRS) in the adoption of the the audited financial statements highlighted that IFRS 9 standard in its 2018-2019 financial “economic conditions around the globe including accounts.” Fiji’s major trading partners, were subdued during the financial year given the intensification In considering the economic outlook for the next of trade tensions between the United States and 12 months, Governor Ali further stated that China, and uncertanities relating to Brexit. domestic economic activity is likely to moderate Despite the challenging economic environment, further in line with the global economic the Fijian economy was still able to record a slowdown, and sluggish performances are growth of 3.5 percent in 2018. The Reserve expected in some major economic sectors. In this Bank’s twin monetary policy objectives of low regard, the Reserve Bank in seeking to strengthen inflation and adequate foreign reserves remained its central banking role, will continue to partner intact. Inflation stood at 0.7 percent and foreign with local and international stakeholders to reserves totalled $2.1 billion at the end of July ensure the effective protection of its mandate of 2019, equivalent to 4.8 months of retained macroeconomic and financial stability. imports cover. The Fijian financial system remained stable throughout the year, with total The Governor and the Board of the Reserve Bank gross assets at $21.7 billion, as at July 2019.” have acknowledged the efforts of staff, and the support of all its stakeholders in the effective For its 2018-2019 financial performance, the achievement of the outcomes of its 2018-2019 Reserve Bank reported a net profit of $28.9 financial year.

33 RBF Quarterly Review December 2019

For the Record

REVISED GROWTH PROJECTIONS FOR THE FIJIAN ECONOMY FOR 2019-2022

Statement by the Chairman of Macroeconomic Committee and Governor of the Reserve Bank of Fiji, 07 November 2019

The Fijian economy is anticipated to grow for growth in the wholesale & retail sector. the tenth consecutive year in 2019 by 1.0 Annually, lower capital expenditure by percent following a 3.5 percent expansion in Government accounts for the expected 2018. This is a downgrade from the 2.7 pullback in construction activity, relative to percent projected earlier in May and is the earlier expectations. The expected slowest growth rate in a decade. The contractions for the forestry and mining Chairman of the Macroeconomic Committee sectors is attributed to envisaged lower pine and Governor of the Reserve Bank of Fiji, Mr output and consecutive declines noted in gold Ariff Ali explained that, “the revised lower production in the year to September. growth forecast for 2019 is based on latest Nonetheless, weaker indirect tax collections available information and reflects the constitutes the largest drag on growth this moderation in both domestic and global year. economic activity.” On the upside, improved commercial bank Mr Ali further stated that, “overall, aggregate profitability and increased visitor arrivals up demand conditions have weakened this year to September underline the projected higher as partial indicators for the first nine months contributions of the financial & insurance reflect subdued consumption activity and and accommodation & food services sectors. contraction in investment, stemming largely Against previous forecasts, there have also from weak business and investor sentiments been upward revisions to growth for the as well as lower Government spending. Real fishing sector, while the education, health sector outcomes and industrial activity have and information and communication sectors also been restrained in the year to date, seen continue to support the overall mild in annually lower cane, timber, gold and economic expansion. The Chairman added sugar output.” Consistent with developments that, “growth is expected to pick up to 1.7 to date, most sectors are expected to percent in 2020 as both domestic and global decelerate relative to earlier expectations. economic sentiments are expected to improve. Economic performance is expected Growth in the manufacturing sector, albeit to return to trend from 2021 onwards, with positive, has been downgraded as a result of growth forecast at 2.9 percent and 3.0 percent subdued sugar output and lower growth in 2021 and 2022, respectively.” expected for textile and mineral water production. Higher operational costs Mr Ali added that reduced imports from underpin the contraction anticipated for the lower domestic demand, lower crude oil transport & storage sector. Additionally, prices as well as continued growth in tourism consistent with the 2019/2020 National and remittances underpin the stable foreign Budget, the growth rate for the public reserves level. Consequently, the current administration sector has been reduced while account deficit is forecast to narrow to around the sharp contraction in vehicle sales so far 4.7 percent of GDP in 2019 and remain below this year has underpinned a much smaller 5.0 percent of GDP over the medium term.

34 RBF Quarterly Review December 2019

Foreign reserves are currently at $2,198.3 The Macroeconomic Committee will million on 05 November, equivalent to 5.1 continue to monitor global and domestic months of retained imports of goods and developments and review these services cover. Liquidity in the banking macroeconomic projections in April system stood at $621 million on 05 2020. November and is sufficient to support financial intermediation along with economic activity while stabilising interest rates.

35 RBF Quarterly Review December 2019

For the Record

OVERNIGHT POLICY RATE REMAINS UNCHANGED

Statement by the Governor of the Reserve Bank of Fiji, 28 November 2019

The Reserve Bank of Fiji Board decided to inflationary pressures are forecast to be keep the Overnight Policy Rate unchanged at broadly muted in the near-term. 0.5 percent at its meeting on 28 November. In addition, balance of payments The Governor and Chairman of the Board, vulnerabilities have subsided. The decline in Mr Ariff Ali, stated that while the Bank’s imports amid continuous growth in tourism twin objectives remained intact, major and remittance receipts has led to an sectoral performances to date have been improvement in foreign reserves of around mixed and aggregate demand has softened in $180 million since the end of 2018. Foreign line with the 1.0 percent revised growth reserves were $2,190 million at the end of forecast for 2019. He added that in line with November, sufficient to cover 5.0 months of the latest business expectations and retail retained imports of goods and services and sales surveys, private sector credit growth are forecast to remain at comfortable levels further slowed in October. over the medium-term given the modest outlook for import growth and uptick in Inflation has been decelerating since the tourism and remittance inflows. middle of the year and has turned negative. Consumer prices declined annually While the Reserve Bank’s monetary policy by 0.9 percent in October compared with the objectives are intact, accommodative 0.4 percent increase noted a month earlier and macroeconomic policies are needed to raise is much lower than the 5.2 percent growth growth whilst maintaining price and external recorded in the same month a year ago. All stability. Therefore, the current major categories noted a decline in prices, accommodative monetary policy stance with the exception of food & non-alcoholic remains appropriate and is supported by beverages. Given that aggregate demand is surplus bank liquidity which was above $600 forecast to remain soft, demand side million throughout November.

36 RBF Quarterly Review December 2019

For the Record

CONCLUSION OF TRANSITION PERIOD FOR PERSONAL PROPERTY SECURITIES ACT 2017

Statement by the Governor of the Reserve Bank of Fiji, 29 November 2019

The 180 day transition period for lenders and remarked that “the PPSR implementation stakeholders affected by the Personal phase has been very successful for Fiji. The Property Securities Act (PPSA) 2017 (‘Act’) volume of transitional filings in the first six came to an end on 27 November 2019. months is unprecedented when compared to similar projects across the Pacific. During this period, lenders and other creditors were required to file notices of This is a reflection of stakeholder buy-in and eligible transactions on the electronic online the simplicity of the exercise. The ADB- Personal Property Securities Registry (PPSR) PSDI and Paradigm Applications will that is managed by the Reserve Bank of Fiji continue to provide support to the Registrar. (RBF). At the conclusion of the transition The ADB-PSDI will continue to work with period, nearly 50,000 filings were registered the RBF and other stakeholders to capitalise on the PPSR from over 70 registered clients. on the new lending framework and ensure greater availability of finance for and Reserve Bank Governor, Mr Ariff Ali noted Fijian businesses.” that the positive outcome was made possible through close collaboration with the financial Chief Executive HFC Bank, Mr Rakesh Ram institutions, relevant Government agencies stated that “the PPSR loading has been an and related stakeholders. Mr Ali expressed important exercise for HFC Bank. We have his gratitude to a number of key partners that successfully migrated all existing notices into contributed towards the development of the the PPSR and have now revised our processes PPSR and PPSA as part of the wider secured to reflect the same for all our future transactions reform including the Asian securities. HFC welcomes the online PPSR Development Bank Private Sector and looks forward to benefiting from the Development Initiative (ADB-PSDI) for operational efficiency with regards to filing technical assistance, PPSR vendor Paradigm notices.” Applications LLC and sponsors of the reform, the Asian Development Bank and the Managing Director Credit Corporation (Fiji) Governments of Australia and New Zealand. Limited (CCFL), Mr Peter Dixon added that “CCFL have migrated 100 percent of existing The PPSR is a crucial component of the security interests into the PPSR comprising secured transactions reform, as it allows over 6,000 filings. I wish to thank our team lenders to file their interests in moveable for their hard work in getting this exercise assets pledged to them by borrowers, thus completed ahead of time and thanks to the enhancing the transparency and efficiency RBF team and system vendors for their with which lenders can secure their interests assistance in making the exercise as seamless and verify assets that have been previously as possible. The PPSR has resulted in the pledged to other borrowers. ADB-PSDI streamlining of processes which is a major Senior Financial Sector Expert and Project plus for this company and the finance Team Leader for the reform Mr Peter Dirou industry in general.”

37 RBF Quarterly Review December 2019

The general public can now confidently use companies and chassis numbers for motor the online registry before buying moveable vehicles. property to ensure that they do not have existing security interests attached to it. The public is encouraged to visit the PPSR Searching the PPSR requires the use of website on www.ppsr.gov.fj to learn more unique identifiers specified under the PPSA, about searching and filing in the registry. including tax identification numbers (TINs) These functions are free of charge for the first for individuals, company name and two years of the PPSR’s operations. registration numbers for locally registered

38 RBF Quarterly Review December 2019

For the Record

RESERVE BANK OF FIJI RELEASES FINANCIAL STABILITY REVIEW 2019

Statement by the Governor of the Reserve Bank of Fiji, 05 December 2019

The Reserve Bank of Fiji (RBF) has released consolidation and generally subdued sectoral its Financial Stability Review (Review) for performances. Governor Ali stated that 2019. The Review provides an assessment of despite these headwinds, the financial system implications for stability of the Fijian remained stable and functional in its role financial system of risks and vulnerabilities within the economy. arising from developments in the global and domestic economy. The Review noted continued growth in the system credit and that vulnerabilities In summarising the assessment, the Governor stemming from leveraging of households and of the RBF, Mr Ariff Ali, noted that despite corporates are not of systemic concern at this there being no change in the ratings of the time. However the level of non-performing broad Macroprudential areas monitored in loans (NPLs) has increased slightly and is 2019 compared to 2018, risks and being monitored closely. vulnerabilities have elevated against a backdrop of challenging macroeconomic Mr Ali also highlighted that the Fijian conditions primarily domestically but also financial system continues to be assessed as globally. sound and resilient supported by improved capital and liquidity ratios, however specific The world economy is expected to grow at its areas at institutional level will continue to be slowest rate since the global financial crisis closely monitored by the Reserve Bank. while the Fijian economy growth has been revised downwards to 1.0 percent in 2019 The Financial Stability Review can be due mainly to persistently weak business viewed on the RBF’s website at confidence, spill-over from fiscal www.rbf.gov.fj

39 RBF Quarterly Review December 2019

For the Record

RESERVE BANK OF FIJI ANNOUNCES CHANGES IN EXECUTIVE ROLES

Statement by the Governor and Chairman of the Reserve Bank of Fiji Board, 20 December 2019

The Reserve Bank of Fiji has announced the Mr Werekoro has been acting as the Chief appointment of Mr Poasa Werekoro as Chief Manager Financial System Development Manager Financial System Development since 02 January 2018. Group, with effect from 01 January 2020. He attained his Masters in Science degree Mr Werekoro joined the Reserve Bank of Fiji specialising in Economics and Finance from in September 2007 as a Domestic Markets the University of Bristol in the United Officer in the Financial Markets Group and Kingdom and holds a Bachelor of Commerce was promoted to Manager Domestic Markets (Econometrics and Finance) degree from the on 02 May 2011. University of Melbourne in Australia.

In January 2016, he participated in a one year In announcing the appointment, the Governor executive attachment program with the and Chairman of the Reserve Bank of Fiji Economics Group and in January 2017 was Board, Mr Ariff Ali congratulated Mr appointed Manager External Conditions. Werekoro and looks forward to his contribution to the leadership of the Bank.

40 RBF Quarterly Review December 2019

Chief Manager Governor’s Office, Ms served as Chief Manager Corporate Planning Lorraine Seeto will be leaving the Reserve and Assurance from 2001 and was appointed Bank of Fiji after 38 years of service. Advisor to the Governors in 2010. In 2014, she was appointed Chief Manager Risk and Ms Seeto started her career with the Central Communications and Chief Manager , the forerunner to the Governor’s Office in 2018. Reserve Bank of Fiji in December 1981 as an Assistant Research Officer. She spent 17 The Board and Management of the Reserve years in the Research Department and was Bank of Fiji thank Ms Seeto for her promoted as the first female to the Executive dedication, commitment and contribution to Management team in 1998 as Chief Manager the Bank. Currency and Corporate Services. She

41 RBF Quarterly Review December 2019

For the Record

RESERVE BANK LAUNCHES REGULATORY SANBDOX, INVITES INNOVATIVE SOLUTIONS FOR FIJI’S FINANCIAL SECTOR

Statement by the Governor of the Reserve Bank of Fiji, 31 December 2019

The Reserve Bank of Fiji (RBF) has launched As such, the Guidelines adopt a number of guidelines for a FinTech Regulatory key design principles such as requiring Sandbox, a framework which aims to foster prospective participants to incorporate responsible development of innovative adequate risk management, consumer solutions in Fiji’s financial sector. protection and redressal frameworks, in Specifically the regulatory sandbox provides addition to the test parameters that will be in an innovative and safe space that facilitates place to control and contain potential risks controlled live tests of new financial products specific to the nature of solutions. and services prior to commercial deployment. Governor Ali added that “the launch of the guidelines is a culmination of development In his announcement, RBF Governor, Mr work which the RBF embarked on in May Ariff Ali, acknowledged that “financial 2017 when it publicly announced its intention technology, commonly referred to as to issue guidelines, reaffirming its support for FinTech, continues to play a transformative financial innovation and responding to a role in broadening access to essential growth in interest to introduce new types of financial services. This has been evident financial solutions that aim to address various through the use of services such as card and inefficiencies in the financial system.” QRcode-based payments, agent banking, online banking, mobile money and other Furthermore, the guidelines have been emerging digital financial services with closely aligned with leading jurisdictions enhanced convenience and ability to reach with existing regulatory sandboxes, including remote and underserved businesses and the United Kingdom, Malaysia, Hong Kong communities.” and Singapore and have been meticulously designed with due consideration of the local Like many financial regulators around the context, in particular, policy objectives. world, the RBF is continuously challenged with responding to new and innovative Thus, the RBF invites potential applicants to financial products, services and processes. consult with the central bank and make The Guidelines recognise the need to evolve applications to the FinTech Regulatory regulation that enables genuinely beneficial Sandbox, the details of which can be innovation while simultaneously responding accessed from the Reserve Bank website: to new risks emerging from more https://www.rbf.gov.fj/Left-Menu/Financial- sophisticated solutions. Inclusion/Policy-Areas

42 STATISTICAL ANNEX

LIST OF TABLES

I FINANCIAL CONDITIONS Page No. 1. Depository Corporations Survey A1 2. Other Depository Corporations Survey A3 3. Central Bank Survey A5 4. Other Financial Corporations Survey A7 5. Financial Corporations Survey A9 6. Monetary & Credit Aggregates A11 7. Reserve Bank of Fiji: Assets A12 8. Reserve Bank of Fiji: Liabilities A13 9. Commercial Banks: Assets A15 10. Commercial Banks: Liabilities A17 11. Liquidity Position of Commercial Banks A19 12. Components of Commercial Banks’ Deposits A21 13. Commercial Banks’ Lending and Deposit Rates A22 14. Commercial Banks’ Time Deposit Rates A23 15. Commercial Banks’ Loans and Advances A25 16. Credit Institutions: Assets A27 17. Credit Institutions: Liabilities A29 18. Credit Institutions’ Deposit and Lending Rates A30 19. Credit Institutions’ Loans and Advances A31 20. Money and Capital Market Interest Rates and Yields A33 21. Fiji Development Bank Loans A34 22. Fiji National Provident Fund Investments A35 23. Exchange Rates A36 24. Key Disclosure Statement: Australia & New Zealand Banking Group A37 Limited 25. Key Disclosure Statement: Westpac Banking Corporation A38 26. Key Disclosure Statement: Bank of Baroda A39 27. Key Disclosure Statement: Bank of South Pacific Limited – Fiji Branch A40 28. Key Disclosure Statement: A41 29. Key Disclosure Statement: Bred Bank A42 30. Key Disclosure Statement: HFC Bank A43 31. Key Disclosure Statement: Merchant Finance Limited A44 32. Key Disclosure Statement: Home Finance Company Limited A45 33. Key Disclosure Statement: Credit Corporation (Fiji) Limited A46 34. Key Disclosure Statement: Kontiki Finance Limited A47 35. Key Disclosure Statement: BSP Finance (Fiji) Limited A48

II CAPITAL MARKETS 36. Stock Market Value of Trades A49 37. Stock Market Volume of Trades A51 38. Stock Market Capitalisation A53 39. Stock Market Number of Trades A55 40. Stock Market Share Prices A57

III OUTPUT 41. GDP by Activity at Constant Prices of 2011 (at Factor Cost) A59 42. Gross Domestic Product A61 43. Tourist Statistics A62 44. Visitor Arrivals: By Country of Residence A63 45. Hotel Statistics A64 46. Building and Construction A65 47. Investment A66

43

IV GOVERNMENT 48. Government Expenditure A67 49. Government Revenue A69 50. Government Summary of Revenue and Expenditure A70 51. Government Domestic Debt A71 52. External General Government Debt A73 53. Government: Gross Financing A74

V PRICES, WAGES AND EMPLOYMENT 54. Consumer Price Index A75 55. Wage and Salary Earnings A76

VI EXTERNAL 56. Merchandise Exports A77 57. Merchandise Imports A78 58. Balance of Payments (Accrual Basis) A79 59. Direction of Trade by Major Trading Partner Countries A81 60. Complaints Management for Licensed Financial Institutions A82

VII KEY FINANCIAL INCLUSION INDICATORS A83

VIII KEY ECONOMIC AND FINANCIAL INDICATORS A84

SOURCES ABBREVIATIONS Reserve Bank of Fiji $: Fiji Dollars unless stated otherwise Commercial Banks M: Million Fiji Development Bank B: Billion Fiji National Provident Fund (b) Budget Fiji Bureau of Statistics (e): Estimate Ministry of Economy (f): Forecast Macroeconomic Committee (p): Provisional IMF Article IV Consultation (r): Revised Reports n.a.: Data not available n.i.: No issues n.t.: No trading m.a.: mergers and acquisition d.l.: delisted -: Zero RBF: Reserve Bank of Fiji IMF: International Monetary Fund LFIs: Licensed Financial Institutions c.i.f.: Cost of goods, including insurance and freight to Fiji f.o.b.: Free on board (the value of goods at Fiji ports before export)

44 Table 1 DEPOSITORY ($ million)

Net Foreign Assets Domestic Claims End Total Net Claims on Central Government Claims on Other Sectors Total of Claims on Liabilities to Claims on Liabilities to Total Claims on Claims on Claims on Public Claims on Total Domestic Period Non-Residents Non-Residents Central Central Other Financial State & Local Non-Financial Private Claims Government Government Corporations Government Corporations Sector

2001 1,199.8 180.7 1,019.2 204.1 409.5 -205.4 0.3 9.0 67.4 1,085.4 1,162.0 956.5 2002 1,137.8 247.6 890.2 231.9 273.5 -41.5 16.1 8.1 44.5 1,605.1 1,673.9 1,632.3 2003 1,174.4 234.4 940.0 326.2 155.5 170.7 2.6 10.8 56.5 1,821.5 1,891.4 2,062.1 2004 1,007.7 114.4 893.3 276.4 134.7 141.8 0.5 9.7 93.4 2,236.7 2,340.3 2,482.1 2005 806.0 204.3 601.7 395.7 114.2 281.6 1.5 8.5 92.0 2,769.4 2,871.5 3,153.1 2006 678.3 137.8 540.5 456.5 102.5 354.0 6.3 3.1 121.1 3,336.0 3,466.6 3,820.6 2007 992.9 150.6 842.3 422.5 127.1 295.4 12.6 8.2 125.6 3,376.3 3,522.6 3,818.0 2008 817.6 232.3 585.3 337.7 169.0 168.7 8.6 10.9 160.3 3,623.8 3,803.7 3,972.4 2009 1,345.9 498.5 847.4 471.9 168.4 303.5 2.2 11.6 247.8 3,650.4 3,912.0 4,215.5 2010 1,501.9 400.1 1,101.8 393.3 201.2 192.1 3.8 13.0 184.8 3,776.5 3,978.2 4,170.3 2011 1,739.7 369.1 1,370.6 355.5 231.7 123.8 3.4 16.3 123.4 3,923.5 4,066.6 4,190.4 2012 1,911.7 439.1 1,472.6 322.2 291.5 30.7 0.3 17.5 99.9 4,174.5 4,292.1 4,322.8 2013 2,214.1 440.8 1,773.4 251.7 241.7 10.0 4.4 16.3 317.0 4,558.3 4,896.0 4,906.0 2014 2,126.3 503.2 1,623.1 285.3 253.5 31.8 5.1 17.9 438.2 5,263.7 5,724.9 5,756.7 2015 2,739.4 916.2 1,823.1 361.6 332.5 29.1 6.8 16.3 462.6 6,020.2 6,505.9 6,535.0 2016 2,570.4 693.3 1,877.1 300.0 459.4 -159.4 2.5 15.4 370.1 6,786.5 7,174.4 7,015.1 2017 3,084.3 869.6 2,214.7 286.6 650.6 -364.0 5.6 13.9 361.7 7,416.1 7,797.3 7,433.3 2018 2,565.2 685.8 1,879.4 378.3 532.9 -154.6 5.2 12.0 321.2 7,957.9 8,296.3 8,141.7

2017 Mar. 2,581.0 870.4 1,710.7 268.6 439.6 -171.0 5.9 14.8 377.5 6,967.3 7,365.6 7,194.6 Jun. 2,772.1 731.5 2,040.6 256.3 464.6 -208.3 5.8 14.8 412.0 7,077.4 7,510.0 7,301.7 Sep. 3,078.1 744.4 2,333.8 285.7 651.2 -365.5 5.8 14.6 378.2 7,212.8 7,611.4 7,245.9 Dec. 3,084.3 869.6 2,214.7 286.6 650.6 -364.0 5.6 13.9 361.7 7,416.1 7,797.3 7,433.3

2018 Mar. 2,859.2 866.4 1,992.8 286.0 489.4 -203.4 5.8 13.0 356.1 7,522.8 7,897.7 7,694.3 Jun. 2,776.4 752.0 2,024.3 383.4 457.3 -73.9 6.5 13.0 336.6 7,603.5 7,959.5 7,885.6 Sep. 2,694.1 668.9 2,025.3 402.8 549.3 -146.5 5.9 12.8 324.6 7,805.0 8,148.3 8,001.8 Dec. 2,565.2 685.8 1,879.4 378.3 532.9 -154.6 5.2 12.0 321.2 7,957.9 8,296.3 8,141.7

2019 Jan. 2,571.0 696.0 1,875.1 366.6 474.1 -107.4 5.2 11.2 324.5 8,014.1 8,355.0 8,247.6 Feb. 2,538.3 866.5 1,671.8 288.4 455.2 -166.7 5.3 11.2 320.8 8,136.0 8,473.4 8,306.7 Mar. 2,534.5 874.8 1,659.6 274.7 473.4 -198.7 5.2 11.9 321.3 8,165.5 8,503.9 8,305.2 Apr. 2,549.9 869.5 1,680.4 293.9 472.0 -178.1 5.2 11.3 322.9 8,184.6 8,524.0 8,345.9 May. 2,555.8 894.2 1,661.7 321.2 499.7 -178.5 5.3 10.5 318.6 8,206.0 8,540.3 8,361.8 Jun. 2,572.5 888.6 1,684.0 380.8 534.8 -154.0 5.3 11.1 319.0 8,251.2 8,586.6 8,432.6 Jul. 2,652.2 825.1 1,827.0 474.9 477.5 -2.6 5.4 10.6 312.5 8,212.3 8,540.7 8,538.1 Aug. 2,659.1 815.4 1,843.7 470.9 486.1 -15.2 5.3 10.5 310.2 8,242.6 8,568.6 8,553.3 Sep. 2,726.0 855.4 1,870.7 484.9 522.3 -37.4 5.3 10.7 311.8 8,248.1 8,575.9 8,538.4 Oct. 2,765.5 788.1 1,977.5 468.0 567.6 -99.7 5.3 10.3 301.4 8,234.5 8,551.5 8,451.9 Nov. 2,768.1 783.6 1,984.5 467.1 532.2 -65.1 5.4 10.3 298.7 8,291.2 8,605.6 8,540.5 Dec. 2,776.4 774.8 2,001.6 436.9 538.3 -101.5 5.4 9.5 306.7 8,322.3 8,643.9 8,542.4

Note:

1/ The data for Depository Corporations Survey (DCS) is dervied from the Central Bank Survey (CBS) - (Table 3) and Other Depository Corporation Survey (ODCS) - (Table 2).

Source: Reserve Bank of Fiji

A1 CORPORATIONS SURVEY1/

Broad Money Deposits Securities Total Excluded Other than Shares Other End Currency Outside Transferable Other Securities Broad from Shares Loans & Other Items of Depository Deposits Deposits Other than Money Broad Excluded from Equity (Net) Period Corporations Shares Money Broad Money

181.8 436.8 1,034.2 20.0 1,672.8 1.2 39.9 6.4 294.8 -39.4 2001 202.6 480.5 1,058.4 283.7 2,025.2 2.6 38.9 43.7 372.1 39.9 2002 226.2 642.6 1,303.5 182.8 2,355.0 1.6 55.7 16.8 458.1 115.0 2003 252.1 737.2 1,407.7 180.9 2,577.8 0.8 249.6 10.4 445.1 91.6 2004 279.9 925.2 1,522.5 241.2 2,968.8 1.4 151.4 11.6 508.9 112.6 2005 293.9 856.0 2,125.7 354.3 3,629.9 1.2 133.9 27.0 592.6 -23.5 2006 289.6 1,331.8 1,956.1 353.3 3,930.8 0.8 95.0 21.0 667.5 -54.8 2007 314.2 1,043.1 2,025.6 293.7 3,676.6 2.2 104.2 11.6 759.9 3.2 2008 354.9 907.2 2,371.2 303.6 3,937.0 0.7 89.6 8.0 960.3 67.4 2009 383.9 1,027.1 2,375.1 288.9 4,075.0 0.3 76.2 7.0 984.0 129.5 2010 398.6 1,592.8 2,347.1 186.7 4,525.2 0.7 52.2 9.0 885.6 88.2 2011 436.9 1,660.9 2,529.1 182.9 4,809.8 1.0 44.6 35.0 888.1 16.8 2012 441.6 3,068.0 2,094.2 119.2 5,723.0 1.0 28.9 39.4 947.1 -60.1 2013 490.3 3,213.6 2,493.7 120.4 6,317.9 1.2 0.4 13.9 1,071.9 -25.5 2014 546.8 3,652.9 2,872.2 127.4 7,199.4 1.9 0.0 12.4 1,211.2 -66.8 2015 599.9 3,767.3 3,058.3 115.6 7,541.1 2.1 0.0 8.7 1,306.3 34.0 2016 642.1 4,334.2 3,072.6 118.2 8,167.1 2.8 0.0 10.7 1,398.6 68.8 2017 649.0 4,381.4 3,258.4 108.0 8,396.8 3.4 0.0 0.0 1,561.3 59.5 2018

2017 575.1 3,836.9 3,027.7 116.9 7,556.5 1.1 0.0 7.7 1,311.8 28.1 Mar. 597.8 4,081.3 3,143.8 124.5 7,947.4 2.2 0.0 6.7 1,346.3 39.8 Jun. 616.9 4,341.7 3,034.8 132.9 8,126.2 2.1 0.0 13.2 1,385.7 52.5 Sep. 642.1 4,334.2 3,072.6 118.2 8,167.1 2.8 0.0 10.7 1,398.6 68.8 Dec.

2018 623.1 4,244.1 3,145.0 120.0 8,132.3 2.2 0.0 17.8 1,433.1 101.7 Mar. 636.7 4,357.2 3,205.5 107.7 8,307.2 2.0 0.0 16.8 1,463.9 98.4 Jun. 666.1 4,355.9 3,315.1 96.7 8,433.8 2.8 0.0 0.0 1,502.0 88.4 Sep. 649.0 4,381.4 3,258.4 108.0 8,396.8 3.4 0.0 0.0 1,561.3 59.5 Dec.

2019 625.4 4,378.1 3,332.8 108.5 8,444.9 2.8 0.0 0.0 1,573.1 101.9 Jan. 635.7 4,234.5 3,318.2 103.4 8,291.8 2.4 0.0 0.0 1,598.1 86.2 Feb. 645.5 4,121.6 3,365.3 121.4 8,253.7 2.4 0.0 0.0 1,615.8 93.1 Mar. 638.5 4,233.8 3,225.4 126.7 8,224.5 2.1 0.0 0.0 1,678.0 108.3 Apr. 651.1 4,081.7 3,343.5 139.6 8,216.0 2.2 0.0 0.0 1,709.4 99.5 May 666.1 4,130.9 3,317.3 139.9 8,254.1 2.6 0.0 0.0 1,733.3 126.4 Jun. 657.2 4,305.5 3,386.1 131.5 8,480.3 8.0 0.0 0.0 1,739.3 135.3 Jul. 670.8 4,327.8 3,389.5 132.3 8,520.4 6.8 0.0 0.0 1,753.0 116.7 Aug. 662.3 4,280.5 3,432.4 129.6 8,504.8 7.4 0.0 0.0 1,750.0 146.8 Sep. 665.1 4,313.1 3,414.7 130.5 8,523.4 7.6 0.0 0.0 1,752.6 145.8 Oct. 681.3 4,289.6 3,493.0 138.6 8,602.4 8.8 0.0 0.0 1,761.2 152.6 Nov. 669.3 4,344.9 3,474.4 122.7 8,611.3 8.3 0.0 0.0 1,780.6 143.8 Dec.

A2 Table 2 OTHER DEPOSITORY ($ million)

Net Foreign Assets Claims on RBF Net Claims on Central Government Claims on Other Sectors

Reserve Deposits End Claims on Liabilities to Total Currency Other Total Claims on Liabilities to Claims on Claims on Claims on Public Claims on Total & of Non-Residents Non-Residents Securities Other Claims Central Central Total Other Financial State & Local Non-Financial Private Period than Shares on RBF Government Government Corporations Government Corporations Sector

2003 445.5 214.3 231.2 43.4 328.8 54.2 426.3 235.8 83.0 152.8 2.6 10.8 56.5 1,821.5 1,891.4 2004 206.0 94.3 111.7 51.4 201.0 97.0 349.4 200.6 91.6 109.0 0.5 9.7 91.1 2,234.9 2,336.2 2005 239.5 184.4 55.1 59.9 191.3 37.2 288.5 258.4 88.5 169.9 1.5 8.5 87.5 2,767.9 2,865.4 2006 131.2 118.0 13.2 60.3 305.8 0.2 366.3 265.0 85.5 179.5 6.3 3.1 116.7 3,335.0 3,461.2 2007 154.1 127.2 26.9 91.9 525.3 0.0 617.2 245.5 101.3 144.1 12.6 8.2 125.6 3,375.0 3,521.3 2008 232.6 211.2 21.4 76.2 244.0 0.0 320.2 175.4 131.5 43.9 8.6 10.9 160.3 3,622.4 3,802.3 2009 228.6 295.2 -66.6 76.1 524.0 0.0 600.1 269.1 149.1 120.1 2.2 11.6 222.2 3,648.6 3,884.7 2010 173.4 201.6 -28.3 95.6 684.7 0.0 780.3 231.2 168.0 63.2 3.8 13.0 161.3 3,774.8 3,953.0 2011 207.3 179.2 28.1 91.8 896.2 0.0 988.0 206.2 189.9 16.3 3.4 16.3 100.2 3,923.9 4,043.8 2012 244.4 252.6 -8.2 121.3 997.2 0.0 1,118.5 192.6 260.3 -67.8 0.3 17.5 76.9 4,177.0 4,271.7 2013 402.6 243.8 158.8 130.5 1,095.3 0.0 1,225.8 145.9 175.2 -29.3 4.4 16.3 294.3 4,556.7 4,871.7 2014 278.6 309.0 -30.4 149.1 1,097.3 0.0 1,246.3 186.4 213.0 -26.6 5.1 17.9 438.2 5,262.1 5,720.7 2015 751.3 717.9 33.4 185.2 1,151.3 0.0 1,336.5 267.4 296.5 -29.1 6.8 16.3 462.6 6,018.9 6,504.6 2016 628.2 500.2 127.9 181.1 1,112.2 0.0 1,293.3 209.7 445.5 -235.8 2.5 15.4 370.1 6,785.0 7,172.9 2017 787.4 670.7 116.6 197.0 1,401.6 0.0 1,598.6 202.6 610.1 -407.5 5.6 13.9 361.7 7,414.9 7,796.2 2018 527.8 485.1 42.7 261.1 1,109.4 0.0 1,370.5 295.5 516.6 -221.0 5.2 12.0 321.2 7,939.0 8,277.4

2017 Mar. 584.6 677.2 -92.6 152.9 1,213.3 0.0 1,366.2 180.9 417.0 -236.0 5.9 14.8 377.5 6,965.7 7,364.0 Jun. 466.4 535.5 -69.2 143.0 1,475.3 0.0 1,618.3 170.5 412.9 -242.4 5.8 14.8 412.0 7,076.1 7,508.7 Sep. 648.9 548.8 100.1 155.1 1,579.4 0.0 1,734.5 202.9 603.6 -400.7 5.8 14.6 378.2 7,211.4 7,610.0 Dec. 787.4 670.7 116.6 197.0 1,401.6 0.0 1,598.6 202.6 610.1 -407.5 5.6 13.9 361.7 7,414.9 7,796.2

2018 Mar. 679.5 663.0 16.5 180.0 1,324.8 0.0 1,504.8 202.9 462.6 -259.7 5.8 13.0 356.1 7,521.3 7,896.2 Jun. 613.2 549.4 63.8 200.3 1,259.6 0.0 1,450.6 298.7 407.0 -108.3 6.5 13.0 336.5 7,602.3 7,958.3 Sep. 553.6 465.7 87.9 194.4 1,215.5 0.0 1,407.6 320.3 501.2 -180.9 5.9 12.8 324.6 7,803.6 8,146.8 Dec. 527.8 485.1 42.7 261.1 1,109.4 0.0 1,370.6 295.5 516.6 -221.0 5.2 12.0 321.2 7,956.7 8,295.1

2019 Jan. 520.6 495.4 25.2 239.3 1,200.9 0.0 1,440.2 270.7 455.3 -184.6 5.2 11.2 324.5 8,013.2 8,354.1 Feb. 578.2 664.1 -85.9 213.1 1,097.5 0.0 1,310.6 215.4 434.3 -218.9 5.3 11.2 320.8 8,134.9 8,472.3 Mar. 594.9 672.5 -77.7 196.4 1,073.5 0.0 1,269.9 188.2 443.3 -255.1 5.2 11.9 321.3 8,164.2 8,502.6 Apr. 590.8 667.0 -76.1 211.6 1,142.0 0.0 1,353.6 177.1 446.5 -269.4 5.2 11.3 322.9 8,183.4 8,522.8 May 605.0 690.9 -86.0 188.2 1,105.4 0.0 1,293.6 203.5 470.8 -267.2 5.3 10.5 318.6 8,215.7 8,550.0 Jun. 579.8 684.5 -104.7 178.4 1,209.0 0.0 1,387.4 211.1 504.7 -293.6 5.3 11.1 319.0 8,250.1 8,585.5 Jul. 545.4 620.8 -75.5 193.4 1,307.2 0.0 1,500.6 306.1 444.5 -138.4 5.4 10.6 312.5 8,211.1 8,539.5 Aug. 477.7 609.5 -131.8 192.6 1,425.4 0.0 1,618.0 298.4 452.5 -154.1 5.3 10.5 310.2 8,241.2 8,567.2 Sep. 546.4 650.4 -103.9 202.6 1,429.5 0.0 1,632.1 326.3 511.8 -185.5 5.3 10.7 311.8 8,246.5 8,574.3 Oct. 566.1 583.5 -17.5 207.8 1,441.2 0.0 1,649.0 323.3 555.5 -232.2 5.3 10.3 301.4 8,232.7 8,549.7 Nov. 564.4 578.6 -14.2 190.0 1,430.9 0.0 1,620.9 331.4 516.6 -185.1 5.4 10.3 298.7 8,289.1 8,603.5 Dec. 538.4 572.7 -34.3 228.6 1,428.0 0.0 1,656.6 322.5 519.7 -197.2 5.4 9.5 306.7 8,320.6 8,642.1

Note:

1/ The data for Other Depository Corporations Survey (ODCs) is derived from the consolidated assets and liabilities of other depository corporations (ODCs), which is based on the balance sheets of commercial banks, licensed credit institutions, Fiji Development Bank and Housing Authority.

Source: Reserve Bank of Fiji

A3 CORPORATIONS SURVEY1/ ($ million)

Liabilities Transferable Other Securities other Deposits Securities Other Shares and Other End

to Deposits Deposits than Shares Excluded than Shares Loans Other Equity Items of

RBF Included in Included in Included in from Broad Excluded from (Net) Period Broad Money Broad Money Broad Money Money Broad Money

117.2 634.2 1,303.5 182.8 1.6 55.7 16.8 385.2 13.0 2003 102.8 737.2 1,407.7 180.9 0.8 92.6 10.4 387.7 1.1 2004 98.7 925.2 1,522.5 241.2 1.4 103.1 11.6 445.4 29.7 2005 3.7 856.0 2,125.7 354.3 1.2 133.9 27.0 537.0 -18.5 2006 3.1 1,331.8 1,956.1 353.3 0.8 95.0 21.0 605.3 -41.7 2007 0.2 1,043.1 2,025.6 293.7 2.2 104.2 11.6 683.3 23.9 2008 2.4 907.2 2,371.2 303.6 0.5 89.6 8.0 774.0 81.7 2009 2.9 1,027.1 2,375.1 288.9 0.1 76.2 7.0 837.3 143.5 2010 26.9 1,595.6 2,347.1 194.8 0.5 52.2 9.0 762.8 87.2 2011 39.1 1,660.8 2,529.1 189.1 0.7 44.6 35.0 773.0 42.9 2012 72.6 3,068.0 2,094.1 119.2 0.7 28.9 39.4 843.5 -46.9 2013 90.0 3,213.6 2,493.4 120.4 0.8 0.4 13.9 981.2 -0.3 2014 97.2 3,652.9 2,872.2 127.4 1.5 0.0 12.4 1,116.2 -34.4 2015 92.4 3,767.3 3,058.3 115.6 1.5 0.0 8.7 1,225.7 88.7 2016 137.7 4,334.2 3,072.6 118.2 2.2 0.0 10.7 1,316.2 112.1 2017 118.3 4,403.6 3,260.5 104.5 2.8 0.0 0.0 1,483.6 96.4 2018

2017 101.6 3,836.9 3,027.7 116.9 0.6 0.0 7.7 1,229.5 80.8 Mar. 103.4 4,081.3 3,143.8 124.5 1.6 0.0 6.7 1,263.8 90.4 Jun. 121.6 4,341.7 3,034.8 132.9 1.5 0.0 13.2 1,303.5 94.8 Sep. 137.7 4,334.2 3,072.6 118.2 2.2 0.0 10.7 1,316.2 112.1 Dec.

2018 115.9 4,244.1 3,145.0 120.0 1.6 0.0 17.8 1,355.0 158.3 Mar. 111.3 4,357.2 3,205.5 107.7 1.4 0.0 25.3 1,399.4 156.6 Jun. 124.1 4,355.9 3,315.1 96.7 2.2 0.0 0.0 1,424.0 144.2 Sep. 139.0 4,381.4 3,258.4 108.0 2.8 0.0 0.0 1,484.6 115.5 Dec.

2019 157.4 4,378.1 3,332.8 108.5 2.1 0.0 0.0 1,494.6 161.3 Jan. 153.3 4,234.5 3,318.2 103.4 1.8 0.0 0.0 1,519.0 147.9 Feb. 142.8 4,121.6 3,365.3 121.4 1.7 0.0 0.0 1,533.3 153.8 Mar. 181.3 4,247.4 3,225.4 126.7 1.4 0.0 0.0 1,595.0 153.8 Apr. 139.5 4,086.1 3,343.5 139.6 1.6 0.0 0.0 1,624.6 155.5 May 168.3 4,144.4 3,317.3 139.6 1.9 0.0 0.0 1,647.4 155.8 Jun. 164.8 4,315.9 3,386.1 133.2 7.3 0.0 0.0 1,651.7 167.4 Jul. 233.2 4,327.8 3,389.5 132.3 6.2 0.0 0.0 1,656.3 154.0 Aug. 232.2 4,280.5 3,432.4 129.6 6.8 0.0 0.0 1,655.1 180.4 Sep. 240.8 4,313.1 3,414.7 130.5 6.9 0.0 0.0 1,660.7 182.4 Oct. 251.4 4,289.6 3,493.0 138.6 8.1 0.0 0.0 1,670.7 173.7 Nov. 259.7 4,344.9 3,474.4 122.7 7.6 0.0 0.0 1,694.2 163.8 Dec.

A4 Table 3 CENTRAL BANK

($ million)

Net Foreign Assets Net Claims on Central Government Claims on Other Sectors End Claims on of Claims on Liabilities to Net ODCs Claims on Liabilities to Total Claims on Claims on Claims on Claims on Total Period Non-Residents Non-Residents Foreign Central Central Other Financial State & Local PNFC2/ Private Assets Government Government Corporations Government Sector

2003 729.0 20.2 708.8 0.2 90.4 72.4 18.0 0.0 0.0 0.0 0.0 0.0 2004 801.7 20.1 781.6 0.7 75.8 43.0 32.8 0.0 0.0 2.4 1.8 4.2 2005 566.5 19.8 546.6 3.6 137.4 25.7 111.7 0.0 0.0 4.6 1.5 6.1 2006 547.1 19.8 527.3 3.7 191.5 17.1 174.5 0.0 0.0 4.3 1.0 5.4 2007 838.7 23.4 815.3 3.5 177.0 25.7 151.3 0.0 0.0 0.0 1.3 1.3 2008 585.0 21.1 563.9 0.7 162.3 37.5 124.8 0.0 0.0 0.0 1.4 1.4 2009 1,117.4 203.3 914.1 4.1 202.7 2.7 200.0 0.0 0.0 25.6 1.7 27.4 2010 1,328.5 188.5 1,140.1 5.9 162.1 11.7 150.5 0.0 0.0 23.5 1.7 25.2 2011 1,532.4 188.5 1,343.9 26.7 149.3 41.8 107.5 0.0 0.0 23.2 1.6 24.9 2012 1,667.3 185.0 1,482.3 45.8 129.6 31.2 98.4 0.0 0.0 23.0 1.6 24.6 2013 1,811.1 196.9 1,614.2 78.9 105.8 66.3 39.5 0.0 0.0 22.7 1.4 24.1 2014 1,847.7 194.1 1,653.5 97.5 99.0 40.5 58.5 0.0 0.0 0.0 1.7 1.7 2015 1,988.1 198.4 1,789.7 92.2 94.2 36.0 58.2 0.0 0.0 0.0 1.3 1.3 2016 1,942.3 193.1 1,749.1 96.7 90.3 13.8 76.5 0.0 0.0 0.0 1.5 1.5 2017 2,297.0 198.9 2,098.1 135.8 84.0 40.5 43.5 0.0 0.0 0.0 1.1 1.1 2018 2,037.4 202.7 1,834.7 151.9 82.8 16.7 66.1 0.0 0.0 0.0 1.2 1.2

2017 Mar. 1,996.5 193.2 1,803.3 104.4 87.7 22.6 65.0 0.0 0.0 0.0 1.5 1.5 Jun. 2,305.7 196.0 2,109.7 105.1 85.9 51.7 34.1 0.0 0.0 0.0 1.2 1.2 Sep. 2,429.2 195.6 2,233.7 117.0 82.8 47.6 35.2 0.0 0.0 0.0 1.4 1.4 Dec. 2,297.0 198.9 2,098.1 135.8 84.0 40.5 43.5 0.0 0.0 0.0 1.1 1.1

2018 Mar. 2,179.7 203.4 1,976.3 126.7 83.0 26.8 56.3 0.0 0.0 0.0 1.5 1.5 Jun. 2,163.1 202.6 1,960.5 123.5 84.7 50.3 34.4 0.0 0.0 0.0 1.2 1.2 Sep. 2,140.5 203.7 1,936.8 143.1 82.5 48.1 34.4 0.0 0.0 0.0 1.1 1.1 Dec. 2,037.4 202.7 1,834.7 151.9 82.8 16.7 66.1 0.0 0.0 0.0 1.2 1.2

2019 Jan. 2,050.4 200.6 1,849.8 169.8 95.9 18.7 77.2 0.0 0.0 0.0 0.9 0.9 Feb. 1,960.1 202.3 1,757.8 165.6 73.1 20.8 52.2 0.0 0.0 0.0 1.1 1.1 Mar. 1,939.6 202.3 1,737.3 154.5 86.5 30.1 56.5 0.0 0.0 0.0 1.2 1.2 Apr. 1,959.1 202.6 1,756.5 178.7 116.8 25.5 91.3 0.0 0.0 0.0 1.2 1.2 May 1,950.8 203.8 1,747.1 152.1 117.6 28.9 88.8 0.0 0.0 0.0 1.3 1.3 Jun. 1,992.8 203.4 1,789.3 163.2 169.7 30.1 139.6 0.0 0.0 0.0 1.1 1.1 Jul. 2,106.8 203.7 1,903.1 159.9 168.8 33.0 135.7 0.0 0.0 0.0 1.2 1.2 Aug. 2,181.4 205.9 1,975.5 219.4 172.4 33.6 138.8 0.0 0.0 0.0 1.4 1.4 Sep. 2,179.6 205.0 1,974.6 218.0 158.6 10.5 148.1 0.0 0.0 0.0 1.6 1.6 Oct. 2,199.5 204.5 1,994.9 228.1 144.6 12.1 132.6 0.0 0.0 0.0 1.8 1.8 Nov. 2,203.7 205.0 1,998.8 223.1 135.6 15.6 120.0 0.0 0.0 0.0 2.1 2.1 Dec. 2,238.1 202.1 2,035.9 231.3 114.3 18.6 95.7 0.0 0.0 0.0 1.7 1.7

Note: 1/ The data for Central Bank Survey is derived from the assets and liabilities of the Reserve Bank of Fiji, which is based on the RBF's monthly trial balance. 2/ Public Non-Financial Corporations.

Source: Reserve Bank of Fiji

A5 SURVEY1/

Monetary Base Deposits Other & Securities Shares & Other End Currency Liabilities Liabilities Total Liabilities Other than Shares Other Items of in to to Other to Excluded from Equity (Net) Period Circulation ODCs Sectors ODCs Monetary Base

269.6 328.9 0.0 598.4 54.2 8.4 72.8 -6.8 2003 303.5 216.1 0.0 519.6 96.6 157.0 57.3 -11.3 2004 339.8 191.4 0.0 531.2 35.2 48.3 63.5 -10.2 2005 354.2 306.0 0.0 660.2 6.3 0.0 55.6 -11.3 2006 381.5 540.4 0.0 921.9 0.0 0.0 62.3 -12.7 2007 390.4 244.1 0.0 634.4 0.2 0.0 76.6 -20.5 2008 390.3 524.1 0.0 914.4 0.0 0.2 213.3 -23.0 2009 479.5 685.4 0.0 1,164.8 0.2 0.2 176.8 -20.4 2010 496.3 896.4 0.0 1,392.6 0.3 0.2 130.9 -21.1 2011 554.4 997.3 0.0 1,551.7 0.2 0.3 119.0 -16.8 2012 572.1 1,095.3 0.0 1,667.4 0.2 0.4 103.7 -14.9 2013 640.6 1,097.3 0.0 1,737.9 0.0 0.4 90.7 -17.8 2014 732.0 1,151.4 0.0 1,883.4 0.1 0.4 95.1 -37.6 2015 780.9 1,112.3 0.0 1,893.2 0.1 0.6 80.6 -50.6 2016 839.1 1,401.6 0.0 2,240.8 0.8 0.6 82.4 -46.1 2017 910.1 1,109.4 0.0 2,019.6 0.1 0.6 76.7 -43.1 2018

2017 728.0 1,213.4 0.0 1,941.3 0.2 0.6 82.3 -50.2 Mar. 740.8 1,475.4 0.0 2,216.2 0.1 0.6 82.5 -49.2 Jun. 771.9 1,579.5 0.0 2,351.4 0.5 0.6 82.1 -47.5 Sep. 839.1 1,401.6 0.0 2,240.8 0.8 0.6 82.4 -46.1 Dec.

2018 803.0 1,324.9 0.0 2,127.9 0.5 0.6 78.1 -46.4 Mar. 827.7 1,259.7 0.0 2,087.4 0.1 0.6 77.7 -46.2 Jun. 858.1 1,215.5 0.0 2,073.7 8.3 0.6 78.1 -45.2 Sep. 910.1 1,109.4 0.0 2,019.6 0.1 0.6 76.7 -43.1 Dec.

2019 864.7 1,201.0 0.0 2,065.6 0.1 0.6 78.4 -47.1 Jan. 848.8 1,097.6 0.0 1,946.3 0.1 0.7 79.2 -49.5 Feb. 841.9 1,073.9 0.0 1,915.8 0.2 0.7 82.5 -49.6 Mar. 850.1 1,142.5 0.0 1,992.7 0.4 0.7 83.0 -48.9 Apr. 841.7 1,105.8 0.0 1,947.5 5.2 0.7 84.9 -49.0 May 844.4 1,209.4 0.0 2,053.8 0.3 0.7 86.2 -47.9 Jun. 851.7 1,307.6 0.0 2,159.3 0.1 0.7 86.9 -47.0 Jul. 863.4 1,426.0 0.0 2,289.4 0.1 0.7 96.8 -51.7 Aug. 864.9 1,430.1 0.0 2,295.0 2.6 0.7 94.9 -51.0 Sep. 872.9 1,441.5 0.0 2,314.4 0.6 0.7 91.9 -50.2 Oct. 871.3 1,431.3 0.0 2,302.6 0.2 0.7 90.5 -49.9 Nov. 898.0 1,428.4 0.0 2,326.3 0.1 0.7 86.4 -48.8 Dec.

A6 Table 4 OTHER FINANCIAL ($ million)

Net Foreign Assets Domestic Claims End Total Net Claims on Central Government Claims on Other Sectors Total of Claims on Liabilities to Claims on Liabilities to Total Claims on Claims on Claims on Public Claims on Total Domestic Period Non-Residents Non-Residents Central Central Depository State & Local Non-Financial Private Claims Government Government Corporations Government Corporations Sector

2001 217.1 1.5 215.6 1,281.1 155.7 1,125.4 648.4 0.0 376.6 262.2 638.8 2,412.6 2002 145.0 10.7 134.3 1,449.5 142.5 1,307.0 921.8 17.7 120.4 623.6 761.6 2,990.4 2003 265.1 9.3 255.9 1,572.8 142.3 1,430.5 625.8 15.2 105.8 576.6 697.6 2,754.0 2004 215.0 9.0 206.0 1,747.3 140.9 1,606.4 723.4 15.5 80.4 642.2 738.1 3,067.9 2005 256.2 7.1 249.0 1,800.3 140.7 1,659.6 714.8 14.3 124.0 723.9 862.2 3,236.7 2006 88.5 5.6 82.9 1,869.9 137.9 1,732.0 876.0 12.7 100.9 881.1 994.7 3,602.7 2007 85.2 5.0 80.2 1,854.1 137.5 1,716.5 1,047.4 11.2 131.0 914.0 1,056.3 3,820.1 2008 73.7 8.8 64.9 1,992.4 138.4 1,854.0 848.0 10.0 153.4 1,203.9 1,367.4 4,069.4 2009 83.0 14.6 68.4 2,161.6 138.2 2,023.5 797.6 8.4 223.5 1,381.3 1,613.1 4,434.2 2010 62.1 17.7 44.4 2,435.0 138.3 2,296.7 784.8 6.9 225.9 1,252.6 1,485.3 4,566.9 2011 225.4 26.9 198.4 2,415.9 138.7 2,277.2 992.5 6.6 171.5 1,179.2 1,357.2 4,626.9 2012 345.1 44.1 301.0 2,493.4 138.5 2,354.9 1,007.9 4.9 178.7 1,285.7 1,469.4 4,832.2 2013 465.5 39.4 426.2 2,525.9 140.3 2,385.6 1,203.4 4.4 131.7 1,219.9 1,356.0 4,945.0 2014 370.5 34.5 336.0 2,512.6 140.6 2,372.0 1,454.8 1.7 154.4 1,391.3 1,547.3 5,374.1 2015 472.2 30.7 441.5 2,618.7 139.5 2,479.2 1,494.1 1.3 214.9 1,731.2 1,947.4 5,920.6 2016 628.2 37.7 590.5 2,820.8 139.5 2,681.3 1,248.1 0.4 217.9 1,932.3 2,150.6 6,080.0 2017 697.2 22.8 674.4 3,087.8 139.5 2,948.3 1,502.4 0.0 208.7 2,122.7 2,331.3 5,279.7 2018 514.8 36.0 488.6 3,434.1 139.3 3,294.7 1,559.7 0.0 239.9 2,853.5 3,093.4 6,388.2

2017 Mar. 628.9 30.6 598.2 2,862.8 140.6 2,722.2 1,336.4 0.4 200.8 1,942.0 2,143.2 4,865.4 Jun. 628.7 24.0 604.7 2,912.6 139.2 2,773.5 1,442.8 0.0 210.2 2,065.3 2,275.5 5,049.0 Sep. 626.8 21.3 605.5 3,017.1 140.8 2,876.3 1,460.4 0.0 211.1 2,084.0 2,295.1 5,171.4 Dec. 697.2 22.8 674.4 3,087.8 139.5 2,948.3 1,502.4 0.0 208.7 2,122.7 2,331.3 5,279.7

2018 Mar. 751.6 34.1 727.4 3,168.2 139.2 3,029.0 1,432.1 0.0 208.7 2,202.5 2,411.1 5,440.1 Jun. 529.1 44.8 494.1 3,259.9 138.9 3,121.0 1,481.4 0.0 228.7 2,518.8 2,747.4 5,868.4 Sep. 514.8 47.3 480.8 3,342.9 140.8 3,202.1 1,519.9 0.0 245.9 2,747.0 2,992.9 6,195.0 Dec. 514.8 36.0 488.6 3,434.1 139.3 3,294.7 1,559.7 0.0 239.9 2,853.5 3,093.4 6,388.2

2019 Mar. 518.7 38.2 480.5 3,640.9 139.1 3,501.7 1,385.4 0.0 209.3 3,007.5 3,216.8 8,103.9 Jun. 548.3 43.8 504.6 3,713.0 139.4 3,573.6 1,361.1 0.0 240.2 3,120.5 3,360.7 8,295.4 Sep. 580.1 46.2 533.9 3,758.8 140.3 3,618.5 1,441.0 0.0 233.6 3,244.1 3,477.7 8,537.2

Note:

1/ The data is from the consolidated assets and liabilities of Other Financial Corporations in Fiji. Other Financial Corporations survey comprises of Fiji National Provident Fund (FNPF), life & insurance companies, insurance brokers, Asset Management Bank (AMB) and unit trusts. Data is available on a quartely basis.

Source: Reserve Bank of Fiji

A7 CORPORATIONS SURVEY1/

Securities Insurance Shares & Other End Deposits Other than Loans Financial Technical Other Equity Items of Shares Derivatives Reserves (Net) Period

0.4 0.0 0.4 0.0 2,061.1 782.0 -215.7 2001 0.7 0.0 332.0 0.0 2,226.3 775.2 -209.4 2002 0.0 0.2 1.8 0.0 2,396.2 800.5 -188.8 2003 0.0 0.0 3.9 0.0 2,554.3 888.1 -172.4 2004 0.0 0.0 0.4 0.0 2,748.4 915.8 -178.9 2005 0.0 0.0 0.0 0.0 2,923.9 958.1 -196.5 2006 0.0 0.0 0.2 0.0 3,083.1 989.6 -172.6 2007 0.0 0.0 9.8 0.0 3,238.0 1,075.9 -189.4 2008 0.0 0.0 9.8 0.0 3,403.5 1,214.8 -125.7 2009 0.0 0.0 9.3 0.0 3,563.1 944.0 95.0 2010 0.0 0.0 0.5 0.0 3,804.1 1,054.4 -33.7 2011 0.0 0.0 0.6 0.0 4,162.8 1,011.2 -41.5 2012 0.0 0.0 0.6 0.0 4,478.9 956.9 -65.3 2013 0.0 0.0 0.6 0.0 4,777.5 1,075.7 -143.8 2014 0.0 0.0 0.6 0.0 5,196.2 1,360.9 -195.6 2015 0.0 0.0 0.6 0.0 5,500.2 1,437.2 -267.6 2016 0.0 0.0 1.2 0.0 6,119.2 1,618.1 -282.0 2017 0.0 0.0 1.5 0.0 6,794.5 2,145.8 -516.6 2018

2017 0.0 0.0 1.2 0.0 5,541.3 1,522.4 -265.0 Mar. 0.0 0.0 1.2 0.0 5,948.4 1,424.9 -278.1 Jun. 0.0 0.0 1.2 0.0 5,995.5 1,515.7 -275.2 Sep. 0.0 0.0 1.2 0.0 6,119.2 1,618.1 -282.0 Dec.

2018 0.0 0.0 1.5 0.0 6,186.2 1,698.1 -297.5 Mar. 0.0 0.0 2.0 0.0 6,590.5 1,582.1 -342.0 Jun. 0.0 0.0 1.5 0.0 6,653.2 2,029.9 -514.0 Sep. 0.0 0.0 1.5 0.0 6,794.5 2,145.8 -516.6 Dec.

2019 0.0 0.0 1.5 0.0 6,858.1 2,268.8 -547.4 Mar. 0.0 0.0 1.5 0.0 7,315.5 2,070.5 -587.5 Jun. 0.0 0.0 1.5 0.0 7,377.8 2,183.8 -491.3 Sep.

A8 Table 5 FINANCIAL CORPORATIONS ($ million)

Net Foreign Assets Domestic Claims End Total Net Claims on Central Government Total of Claims on Liabilities to Claims on Liabilities to Total Claims on Claims on Public Claims on Total Domestic Period Non-Residents Non-Residents Central Central State & Local Non-Financial Private Claims Government Government Government Corporations Sector

2001 1,416.9 182.2 1,234.8 1,485.2 565.2 920.0 9.0 443.9 1,347.6 1,800.5 920.0 2002 1,282.8 258.3 1,024.5 1,681.4 416.0 1,265.5 25.8 164.9 2,228.7 2,419.4 3,684.8 2003 1,439.6 243.7 1,195.9 1,899.0 297.7 1,601.3 26.1 162.3 2,398.1 2,586.4 4,187.7 2004 1,222.7 123.4 1,099.3 2,023.7 275.5 1,748.1 25.2 173.8 2,878.9 3,077.9 4,826.0 2005 1,062.2 211.4 850.7 2,196.1 254.9 1,941.2 22.8 216.1 3,493.3 3,732.2 5,673.4 2006 766.7 143.4 623.4 2,326.4 240.5 2,086.0 15.8 222.0 4,217.1 4,454.9 6,540.9 2007 1,078.1 155.6 922.4 2,276.6 264.6 2,011.9 19.4 256.6 4,290.4 4,566.3 6,578.3 2008 891.3 241.0 650.2 2,330.2 307.4 2,022.7 21.0 313.8 4,827.7 5,162.4 7,185.2 2009 1,429.0 513.2 915.8 2,633.5 306.6 2,326.9 20.0 471.3 5,031.6 5,522.9 7,849.8 2010 1,564.0 417.8 1,146.2 2,828.3 339.5 2,488.9 19.9 410.8 5,029.0 5,459.7 7,948.5 2011 1,965.1 396.1 1,569.0 2,771.4 370.4 2,401.0 22.9 294.9 5,102.6 5,420.4 7,821.4 2012 2,256.8 483.2 1,773.6 2,815.6 430.0 2,385.6 22.4 278.6 5,460.2 5,761.2 8,146.8 2013 2,679.6 480.1 2,199.5 2,777.6 382.0 2,395.5 20.7 448.7 5,778.2 6,247.6 8,643.2 2014 2,496.8 537.7 1,959.1 2,797.9 394.1 2,403.8 19.5 592.6 6,655.0 7,267.1 9,670.9 2015 3,211.6 946.9 2,264.6 2,980.3 472.0 2,508.3 17.7 677.5 7,751.3 8,446.5 10,954.8 2016 3,198.6 731.0 2,467.6 3,120.8 598.8 2,521.9 15.7 588.0 8,718.8 9,322.5 11,844.4 2017 3,781.6 892.4 2,889.1 3,374.4 790.1 2,584.4 13.9 570.4 9,538.7 10,123.0 12,707.4 2018 3,080.0 721.8 2,358.2 3,812.4 672.3 3,140.1 12.0 561.1 10,811.3 11,384.5 14,524.6

2017 Mar. 3,209.9 901.0 2,308.9 3,131.3 580.2 2,551.1 15.2 578.4 8,909.3 9,502.8 12,054.0 Jun. 3,400.8 755.5 2,645.3 3,169.0 603.8 2,565.2 14.8 622.3 9,142.6 9,779.7 12,344.9 Sep. 3,704.9 765.6 2,939.3 3,302.8 792.0 2,510.8 14.6 589.3 9,296.8 9,900.7 12,411.5 Dec. 3,781.6 892.4 2,889.1 3,374.4 790.1 2,584.4 13.9 570.4 9,538.7 10,123.0 12,707.4

2018 Mar. 3,610.9 900.5 2,710.4 3,454.2 628.6 2,825.6 13.0 564.8 9,725.2 10,303.0 13,128.5 Jun. 3,305.4 796.8 2,508.6 3,643.3 596.2 3,047.1 13.0 565.2 10,122.2 10,700.5 13,747.5 Sep. 3,198.7 716.2 2,482.6 3,745.7 690.1 3,055.6 12.8 570.5 10,552.0 11,135.3 14,190.9 Dec. 3,080.0 721.8 2,358.2 3,812.4 672.3 3,140.1 12.0 561.1 10,811.3 11,384.5 14,524.6

2019 Mar. 3,053.1 913.0 2,140.1 3,915.6 612.5 3,303.1 11.9 530.6 11,173.0 11,715.5 15,018.6 Jun. 3,120.9 931.7 2,189.2 4,093.8 674.2 3,419.5 11.1 559.2 11,371.7 11,942.0 15,361.5 Sep. 3,306.1 901.6 2,404.6 4,243.7 662.6 3,581.0 10.7 545.4 11,492.1 12,048.3 15,629.3

Note:

1/ The data for Financial Corporations Survey is derived from the Central Bank Capital Survey (CBCS) - (Table 3), Other Depository Corporations Survey (ODCS) - (Table 2) & Other Financial Corporations Survey - (Table 4). Data for this table is available on a quartely basis.

A9 SURVEY1/

Currency Securities Insurance Shares & Other End Outside Deposits Other than Loans Financial Technical Other Equity Items of Financial Shares Derivatives Reserves (Net) Period Corporations

154.1 1,294.7 34.6 0.4 0.0 2,061.1 1,076.8 -666.5 2001 176.6 1,336.9 42.4 0.7 0.0 2,226.3 1,147.3 -220.8 2002 199.7 1,601.3 41.6 1.8 0.0 2,396.2 1,258.6 -115.6 2003 228.7 1,915.0 47.4 3.9 0.0 2,554.3 1,333.1 -157.2 2004 222.1 2,244.3 45.5 0.4 0.0 2,748.4 1,424.7 -161.3 2005 264.7 2,628.4 73.0 0.0 0.0 2,923.9 1,550.6 -276.4 2006 226.4 2,653.9 68.9 0.2 0.0 3,083.1 1,657.1 -189.0 2007 275.0 2,600.1 46.9 9.8 0.0 3,238.0 1,835.8 -170.2 2008 322.0 2,862.4 48.7 9.8 0.0 3,403.5 2,175.1 -55.9 2009 338.4 2,943.5 32.4 9.2 0.0 3,563.1 1,928.0 280.2 2010 340.1 3,210.1 28.2 0.5 0.0 3,804.1 1,940.0 67.3 2011 318.1 3,339.8 35.3 0.6 0.0 4,162.8 1,899.3 164.6 2012 304.3 3,829.5 22.4 0.6 0.0 4,478.9 1,904.1 303.0 2013 424.1 4,252.9 25.5 0.6 0.0 4,777.5 2,147.6 1.8 2014 473.2 4,974.0 20.4 0.6 0.0 5,196.2 2,572.1 -17.0 2015 515.4 5,410.2 23.0 0.6 0.0 5,500.2 2,743.5 119.2 2016 545.6 5,848.9 25.4 1.2 0.0 6,119.2 3,016.7 39.5 2017 555.4 6,156.0 15.8 1.4 0.0 6,794.5 3,707.1 -348.9 2018

2017 476.9 5,433.1 20.6 1.2 0.0 5,541.3 2,834.2 55.5 Mar. 505.3 5,704.0 21.8 1.2 0.0 5,948.4 2,771.2 38.3 Jun. 526.8 5,846.3 29.0 1.2 0.0 5,995.5 2,901.4 50.6 Sep. 545.6 5,848.9 25.4 1.2 0.0 6,119.2 3,016.7 39.5 Dec.

2018 537.5 6,062.0 23.2 1.4 0.0 6,186.2 3,131.2 -104.1 Mar. 562.7 6,189.8 17.7 3.0 0.0 6,590.5 3,059.2 -168.2 Jun. 577.4 6,223.2 17.9 1.4 0.0 6,641.8 3,532.0 -333.1 Sep. 555.4 6,156.0 15.8 1.4 0.0 6,794.5 3,707.1 -348.9 Dec.

2019 545.0 6,177.1 19.5 1.4 0.0 6,858.1 3,884.6 -327.0 Mar. 585.0 6,226.1 19.6 1.4 0.0 7,315.5 3,804.2 -401.0 Jun. 565.6 6,416.6 16.0 1.4 0.0 7,377.8 3,933.8 -276.7 Sep.

A10 Table 6 MONETARY & CREDIT AGGREGATES1/ ($ million)

End of Net Monetary Narrow Net Claims on Claims on Claims on Domestic Quasi Money Broad Money3/ (M2) (M3) Central Period Foreign Assets Base2/ Money (M1) Private Sector Other Sectors Claims Government

2001 1,019.2 415.0 618.5 1,471.0 1,672.8 -205.4 1,085.4 76.6 956.5 2002 890.2 446.5 683.1 1,538.9 2,025.2 -41.5 1,605.1 68.8 1,632.3 2003 940.0 598.4 868.7 1,946.1 2,355.0 170.7 1,821.5 69.9 2,062.1 2004 893.3 519.6 989.3 2,144.9 2,577.8 141.8 2,236.7 103.7 2,482.1 2005 601.7 531.2 1,205.1 2,447.8 2,968.8 281.6 2,769.4 102.1 3,153.1 2006 540.5 660.2 1,149.9 2,981.7 3,629.9 354.0 3,336.0 130.5 3,820.6 2007 842.3 921.9 1,621.4 3,287.9 3,930.8 295.4 3,376.3 146.3 3,818.0 2008 585.3 634.4 1,357.3 3,068.7 3,676.6 168.7 3,623.8 179.9 3,972.4 2009 847.4 955.0 1,262.1 3,278.4 3,937.0 320.1 3,650.4 261.7 4,232.1 2010 1,101.8 1,164.8 1,411.0 3,402.2 4,075.0 192.1 3,776.5 201.7 4,191.8 2011 1,370.6 1,392.6 1,991.4 3,940.0 4,525.2 123.8 3,925.6 143.1 4,192.5 2012 1,472.6 1,551.7 2,097.8 4,189.9 4,809.8 30.7 4,174.5 117.6 4,322.8 2013 1,773.4 1,667.4 3,509.6 5,162.2 5,723.0 10.0 4,558.3 337.7 4,906.0 2014 1,623.1 1,737.9 3,703.9 5,707.3 6,317.9 31.8 5,263.7 461.2 5,760.7 2015 1,823.1 1,883.4 4,199.8 6,525.1 7,199.4 29.1 6,020.2 485.7 6,535.0 2016 1,877.1 1,893.2 4,367.2 6,825.6 7,541.1 -159.4 6,786.5 387.9 7,015.1 2017 2,214.7 2,240.8 4,976.3 7,406.8 8,167.1 -364.0 7,416.1 370.4 7,422.5 2018 1,879.4 2,019.6 5,030.4 7,639.8 8,396.8 -154.6 7,957.9 338.2 8,141.4

2017 Mar. 1,710.7 1,941.3 4,411.9 6,864.6 7,556.5 -171.0 6,967.3 390.6 7,186.8 Jun. 2,040.6 2,216.2 4,679.1 7,225.1 7,947.4 -208.3 7,077.4 425.9 7,295.0 Sep. 2,333.8 2,351.4 4,958.6 7,376.5 8,126.2 -365.5 7,212.8 385.4 7,232.7 Dec. 2,214.7 2,240.8 4,976.3 7,406.8 8,167.1 -364.0 7,416.1 370.4 7,422.5

2018 Mar. 1,992.8 2,127.9 4,867.2 7,389.1 8,132.3 -203.4 7,522.8 357.0 7,676.4 Jun. 2,024.3 2,087.4 4,994.0 7,562.7 8,307.2 -73.9 7,603.5 330.3 7,859.9 Sep. 2,025.3 2,073.7 5,022.0 7,671.0 8,433.8 -146.5 7,805.0 343.1 8,001.6 Dec. 1,879.4 2,019.6 5,030.4 7,639.8 8,396.8 -154.6 7,957.9 338.2 8,141.4

2019 Jan. 1,875.1 2,065.6 5,003.5 7,710.9 8,444.9 -107.4 8,014.1 340.9 8,247.6 Feb. 1,671.8 1,946.3 4,870.2 7,552.7 8,291.8 -166.7 8,136.0 337.4 8,306.7 Mar. 1,659.6 1,915.8 4,767.0 7,486.8 8,253.7 -198.6 8,165.5 338.4 8,305.2 Apr. 1,680.4 1,992.7 4,885.9 7,472.8 8,238.0 -178.1 8,184.6 339.4 8,345.9 May 1,661.1 1,947.5 4,739.6 7,429.7 8,222.8 -178.5 8,217.0 334.3 8,372.8 Jun. 1,684.6 2,053.8 4,810.4 7,461.7 8,267.2 -154.0 8,251.2 335.4 8,432.6 Jul. 1,827.6 2,159.3 4,974.3 7,702.0 8,493.5 -2.6 8,212.3 328.5 8,538.1 Aug. 1,843.7 2,289.4 4,998.6 7,717.3 8,520.4 -15.2 8,242.6 326.0 8,553.3 Sep. 1,870.7 2,295.0 4,942.8 7,712.9 8,504.8 -37.4 8,248.1 327.8 8,538.4 Oct. 1,977.5 2,314.4 4,978.2 7,727.8 8,523.4 -99.7 8,234.5 317.0 8,451.9 Nov. 1,984.5 2,302.6 4,970.9 7,782.5 8,602.4 -65.1 8,291.2 314.4 8,540.5 Dec. 2,001.6 2,326.3 5,014.2 7,819.2 8,611.3 -101.5 8,322.3 321.6 8,542.4

Note:

1/ The Monetary & Credit Aggregates table is derived from the Central Bank Survey (CBS) (Table 3) and Other Depository Corporations Survey (ODCS) (Table 2).

2/ Monetary base is normally referred to as reserve money and its components include currency in circulation, ODCS deposits at the Reserve Bank and other deposits of other financial corporations. 3/ As of May 2012, the official definition of broad money has changed to include securities of money issuers. As a result, M3 will now be known as broad money.

Source: Reserve Bank of Fiji

A11 Table 7 RESERVE BANK OF FIJI: ASSETS ($ million)

Foreign Sector Commercial Public Sector Other1/ Total2/ End Banks Assets of Period Foreign SDR Reserve Total Advances Claims on Claims on Total Exchange Holdings Position & Bills Central Official & Gold in IMF Discounted Government Entities

2000 844.2 12.4 41.5 898.1 0.0 56.1 0.0 56.1 180.4 1,134.6 2001 788.5 14.0 43.5 846.0 0.3 66.2 0.0 66.2 193.3 1,105.8 2002 684.3 14.2 42.5 741.0 0.8 59.0 0.0 59.0 186.9 987.7 2003 676.8 13.3 38.9 729.0 0.2 90.4 0.0 90.4 181.9 1,001.5 2004 733.6 13.7 39.0 786.2 0.1 78.8 0.0 75.8 186.5 1,048.6 2005 497.0 13.9 38.2 549.1 0.0 140.6 0.0 140.6 186.3 875.9 2006 465.5 14.9 38.8 519.1 0.0 191.5 4.3 195.9 197.4 912.4 2007 750.5 15.7 38.4 804.6 0.0 177.0 0.0 177.0 200.3 1,181.9 2008 497.1 18.6 43.0 558.7 0.0 162.3 0.0 162.3 208.3 929.3 2009 839.5 202.8 48.4 1,090.6 0.0 202.7 25.6 228.4 231.6 1,550.6 2010 1,113.7 143.4 45.6 1,302.7 0.0 162.1 23.5 185.6 221.1 1,709.5 2011 1,323.9 142.8 45.8 1,512.5 0.0 149.3 23.2 172.5 236.2 1,921.2 2012 1,449.7 140.5 45.3 1,635.5 0.0 126.6 23.0 149.5 268.9 2,054.0 2013 1,580.5 149.3 48.3 1,778.1 0.0 105.8 22.7 128.5 309.9 2,216.5 2014 1,615.8 147.1 47.8 1,810.7 0.0 99.0 0.0 99.0 335.0 2,244.6 2015 1,744.0 150.6 49.2 1,943.7 0.0 94.2 0.0 94.2 344.0 2,381.9 2016 1,727.6 125.7 67.8 1,921.2 0.0 96.8 0.0 96.8 393.5 2,411.5 2017 2,074.5 128.3 69.5 2,272.3 0.0 84.0 0.0 84.0 444.5 2,800.9 2018 1,809.0 131.1 71.9 2,012.0 0.0 82.8 0.0 82.8 465.2 2,560.0

2017 Mar. 1,785.6 124.6 67.2 1,977.5 0.0 87.7 0.0 87.7 403.4 2,468.5 Jun. 2,089.3 125.6 67.8 2,282.7 0.0 85.9 0.0 85.9 410.2 2,778.8 Sep. 2,211.3 126.7 68.6 2,406.6 0.0 82.8 0.0 82.8 422.0 2,911.4 Dec. 2,074.5 128.3 69.5 2,272.3 0.0 84.0 0.0 84.0 444.5 2,800.9

2018 Jan. 1,982.7 128.6 69.6 2,180.9 0.0 84.2 0.0 84.2 432.4 2,697.5 Feb. 1,960.2 130.1 70.4 2,160.7 0.0 85.5 0.0 85.5 431.8 2,678.0 Mar. 1,955.9 131.4 71.1 2,158.4 0.0 83.0 0.0 83.0 435.9 2,677.4 Apr. 1,981.5 130.7 71.1 2,183.3 0.0 83.7 0.0 83.7 432.8 2,699.8 May 1,963.1 129.1 70.2 2,162.5 0.0 84.5 0.0 84.5 433.4 2,680.4 Jun. 1,937.7 130.8 71.1 2,139.6 0.0 84.7 0.0 84.7 435.0 2,659.3 Jul. 1,961.3 129.8 70.6 2,161.7 0.0 83.8 0.0 83.8 438.5 2,683.9 Aug. 1,980.1 131.2 68.7 2,179.9 0.0 83.0 0.0 83.0 464.1 2,727.0 Sep. 1,913.2 131.8 72.0 2,117.0 0.0 82.5 0.0 82.5 454.3 2,653.8 Oct. 1,923.5 130.9 71.5 2,125.9 0.0 89.7 0.0 89.7 446.5 2,662.0 Nov. 1,857.5 128.7 70.6 2,056.7 0.0 83.8 0.0 83.8 448.1 2,588.6 Dec. 1,809.0 131.1 71.9 2,012.0 0.0 82.8 0.0 82.8 465.2 2,560.0

2019 Jan. 1,828.8 130.1 71.2 2,030.0 0.0 95.9 0.0 95.9 479.8 2,605.7 Feb. 1,741.1 130.9 72.0 1,944.0 0.0 73.1 0.0 73.1 474.6 2,491.7 Mar. 1,719.5 130.6 71.8 1,921.9 0.0 86.5 0.0 86.5 465.1 2,473.5 Apr. 1,741.0 131.0 72.2 1,944.2 0.0 116.8 0.0 116.8 487.4 2,548.3 May 1,729.0 131.6 72.7 1,933.2 0.0 117.6 0.0 117.6 463.8 2,514.6 Jun. 1,769.9 131.1 72.4 1,973.4 0.0 169.7 0.0 169.7 475.3 2,618.4 Jul. 1,883.9 131.0 72.4 2,087.3 0.0 168.8 0.0 168.8 472.0 2,728.1 Aug. 1,959.6 132.4 73.3 2,165.3 0.0 172.4 0.0 172.4 529.4 2,867.1 Sep. 1,956.0 132.3 73.0 2,161.3 0.0 158.6 0.0 158.6 529.3 2,849.3 Oct. 1,978.3 132.3 73.0 2,183.6 0.0 144.6 0.0 144.6 538.0 2,866.2 Nov. 1,982.6 132.2 73.1 2,187.9 0.0 135.6 0.0 135.6 532.0 2,855.5 Dec. 2,016.9 130.8 72.1 2,219.8 0.0 114.3 0.0 114.3 540.3 2,874.4

Note:

1/ Includes IMF Currency Subscriptions. 2/ Differences, if any, in total assets and liabilities are due to rounding off.

Source: Reserve Bank of Fiji

A12 Table 8 RESERVE BANK OF ($ million)

Commercial Banks Public Sector End of Currency Statutory Demand RBF Total Central Government Official Total Period Reserve Deposits Notes/ Entities Deposit1/ Bonds Sinking Demand Total Deposits Fund Deposits2/ Deposits

2004 51.4 83.0 101.0 96.6 332.0 0.0 12.9 12.9 0.0 12.9 2005 59.9 96.9 71.5 35.1 263.4 0.0 9.1 9.1 0.0 9.1 2006 60.3 159.2 107.3 0.2 327.0 0.0 6.0 6.0 0.0 6.0 2007 91.9 154.3 331.1 0.0 577.3 0.0 5.2 5.2 0.0 5.2 2008 76.2 153.1 55.1 0.0 284.3 0.0 7.0 7.0 0.0 7.0 2009 76.1 189.4 296.6 0.0 562.1 0.0 2.4 2.4 0.0 2.4 2010 95.6 275.8 348.4 0.0 719.7 0.0 11.4 11.4 0.0 11.4 2011 91.8 386.2 510.1 0.0 988.0 0.0 6.8 6.8 0.0 6.8 2012 99.6 419.3 573.9 0.0 1,092.9 0.0 5.5 5.5 0.0 5.5 2013 130.0 497.0 598.3 0.0 1,225.3 0.0 34.3 34.3 0.0 34.3 2014 147.4 583.1 514.1 0.0 1,244.6 0.0 4.7 4.7 0.0 4.7 2015 181.0 663.0 488.3 0.0 1,332.4 0.0 4.5 4.5 0.0 4.5 2016 178.7 700.0 412.2 0.0 1,290.9 0.0 2.7 2.7 0.0 2.7 2017 195.2 795.6 606.0 0.0 1,596.7 0.0 26.9 26.9 0.0 26.9 2018 258.3 803.4 306.0 0.0 1,367.7 0.0 2.7 2.7 0.0 2.7

2017 Mar. 151.7 742.6 470.7 0.0 1,365.0 0.0 3.7 3.7 0.0 3.7 Jun. 141.8 739.6 735.7 0.0 1,617.1 0.0 25.3 25.3 0.0 25.3 Sep. 152.4 778.4 801.0 0.0 1,731.8 0.0 41.7 41.7 0.0 41.7 Dec. 195.2 795.6 606.0 0.0 1,596.7 0.0 26.9 26.9 0.0 26.9

2018 Mar. 177.1 788.4 536.4 0.0 1,501.9 0.0 3.8 3.8 0.0 3.8 Jun. 188.1 789.5 470.1 0.0 1,447.7 0.0 17.8 17.8 0.0 17.8 Sep. 191.6 797.3 418.2 0.0 1,407.1 0.0 42.1 42.1 0.0 42.1 Dec. 258.3 803.4 306.0 0.0 1,367.7 0.0 2.7 2.7 0.0 2.7

2019 Jan. 235.4 802.8 398.1 0.0 1,436.4 0.0 2.1 2.1 0.0 2.1 Feb. 208.6 798.7 298.8 0.0 1,306.1 0.0 2.9 2.9 0.0 2.9 Mar. 192.9 783.3 290.2 0.0 1,266.4 0.0 9.7 9.7 0.0 9.7 Apr. 209.8 782.4 359.7 0.0 1,351.9 0.0 2.6 2.6 0.0 2.6 May 187.1 782.6 322.8 0.0 1,292.5 0.0 3.3 3.3 0.0 3.3 Jun. 176.5 775.4 433.6 0.0 1,385.5 0.0 2.2 2.2 0.0 2.2 Jul. 192.7 801.0 506.2 0.0 1,499.9 0.0 3.2 3.2 0.0 3.2 Aug. 191.9 808.3 617.3 0.0 1,617.5 0.0 2.1 2.1 0.0 2.1 Sep. 201.9 817.5 612.2 0.0 1,631.6 0.0 5.0 5.0 0.0 5.0 Oct. 207.1 825.7 615.5 0.0 1,648.3 0.0 3.5 3.5 0.0 3.5 Nov. 188.6 816.7 614.2 0.0 1,619.5 0.0 3.9 3.9 0.0 3.9 Dec. 227.2 824.7 603.3 0.0 1,655.2 0.0 4.2 4.2 0.0 4.2

Note:

1/ The Statutory Reserve Deposit is derived as 10 percent of commercial banks' deposits and similar liabilities at the end of the previous month. 2/ From 1996, demand deposits include funds placed in the Trust Account established for re-financing NBF Asset Management Bank. 3/ Currency with non-bank public was revised from 2001-October 2015. 4/ Held outside of the banking system. 5/ Differences, if any, in total assets and liabilities are due to rounding off.

Source: Reserve Bank of Fiji

A13 . FIJI: LIABILITIES

Private Sector Other Liabilities Total5/ End Currency Capital Reserves Special RBF Total Other of with Drawing Notes/ Period non-bank General Revaluation Rights Bonds4/ public (r)3/ Allocation

252.1 2.0 36.5 13.0 17.8 253.1 322.4 129.2 1,048.6 2004 279.9 2.0 54.0 39.0 17.4 78.5 190.9 132.6 875.9 2005 293.9 2.0 66.0 30.2 17.4 0.2 115.8 169.7 912.4 2006 289.6 2.0 66.1 36.9 17.0 0.0 122.0 187.8 1,181.9 2007 314.2 2.0 67.1 42.2 18.9 0.0 130.2 193.6 929.3 2008 354.9 2.0 66.9 162.3 202.9 0.0 434.0 197.2 1,550.6 2009 383.9 2.0 66.9 120.9 188.3 0.0 378.1 216.4 1,709.5 2010 404.5 2.0 101.4 96.5 187.5 0.0 387.4 134.4 1,921.2 2011 458.8 2.0 126.8 80.9 184.6 0.0 394.3 102.6 2,054.0 2012 442.0 2.0 158.6 69.3 196.1 0.0 426.0 88.9 2,216.5 2013 493.3 2.0 187.1 55.4 193.2 0.0 437.7 64.3 2,244.6 2014 551.0 2.0 215.0 40.3 197.8 0.0 455.1 38.9 2,381.9 2015 602.2 2.0 233.3 34.6 191.5 0.0 461.4 54.3 2,411.5 2016 644.0 2.0 269.5 35.3 196.0 0.0 502.8 30.5 2,800.9 2017 651.9 2.0 283.7 28.5 200.2 0.0 514.5 23.3 2,560.0 2018

2017 576.2 2.0 248.0 36.2 189.8 0.00 476.0 47.6 2,468.5 Mar. 599.0 2.0 255.2 36.3 191.8 0.00 485.4 52.0 2,778.8 Jun. 619.5 2.0 264.0 34.9 193.3 0.00 494.2 24.1 2,911.4 Sep. 644.0 2.0 269.5 35.3 196.0 0.00 502.8 30.5 2,800.9 Dec.

2018 626.0 2.0 277.6 30.8 199.7 0.00 510.1 35.6 2,677.4 Mar. 639.6 2.0 283.3 30.6 198.8 0.00 514.7 39.4 2,659.3 Jun. 666.6 2.0 283.7 30.0 199.9 0.00 515.6 22.5 2,653.8 Sep. 651.9 2.0 283.7 28.5 200.2 0.00 514.5 23.3 2,560.0 Dec.

2019 629.2 2.0 283.7 30.2 198.3 0.00 514.2 23.8 2,605.7 Jan. 640.2 2.0 283.7 30.9 199.6 0.00 516.2 26.3 2,491.7 Feb. 648.9 2.0 283.7 34.3 199.1 0.00 519.0 29.5 2,473.5 Mar. 640.4 2.0 283.7 34.8 199.7 0.00 520.2 33.3 2,548.3 Apr. 654.6 2.0 283.7 36.7 200.6 0.00 523.0 41.3 2,514.6 May 667.9 2.0 283.7 37.9 199.9 0.00 523.5 39.3 2,618.4 Jun. 659.0 2.0 283.7 38.6 199.8 0.00 524.1 41.9 2,728.1 Jul. 671.5 2.0 283.7 43.4 202.0 0.00 531.1 44.9 2,867.1 Aug. 663.0 2.0 284.7 40.6 201.4 0.00 528.7 21.0 2,849.3 Sep. 665.8 2.0 284.7 37.6 201.8 0.00 526.1 22.5 2,866.2 Oct. 682.7 2.0 284.7 36.2 201.6 0.00 524.5 24.8 2,855.5 Nov. 670.8 2.0 284.7 32.1 199.5 0.00 518.3 26.0 2,874.4 Dec.

A14 Table 9 COMMERCIAL BANKS' ($ million)

Claims on Central Bank Claims on Non-Residents (Foreign Assets)4/ Claims on Central Government

End of 3/ Period Holdings of Required Excess Others Total Holdings of Transferable Other Securities Loans to Total Loans Securities Total National Reserves2/ Reserves Foreign Deposits Deposits Non- to Currency Currency Residents Central Government

2003 43.4 92.6 236.2 54.2 426.3 5.8 244.2 0.0 1.7 193.7 445.4 0.6 222.3 222.8 2004 51.4 100.0 101.0 97.0 349.4 4.6 153.0 0.0 1.0 47.2 205.9 0.4 184.9 185.3 2005 59.9 119.9 71.5 35.3 286.6 5.9 174.6 0.0 1.0 58.1 239.5 0.0 216.8 216.8 2006 60.3 198.5 107.3 0.2 366.3 3.7 93.6 0.0 2.1 31.7 131.1 11.6 210.3 221.9 2007 91.9 194.2 331.1 0.0 617.2 5.7 105.8 0.0 5.8 36.8 154.1 0.0 201.8 201.8 2008 76.2 188.9 55.1 0.0 320.2 5.4 180.7 0.0 6.2 40.3 232.5 0.8 129.4 130.2 2009 76.1 227.4 296.6 0.0 600.1 8.4 51.7 16.9 4.1 147.3 228.5 19.4 209.0 228.4 2010 95.6 336.4 348.4 0.0 780.3 9.3 33.0 0.0 3.0 128.1 173.3 16.5 172.5 188.9 2011 91.8 386.2 510.1 0.0 988.0 9.2 38.3 16.0 3.0 140.7 207.3 20.7 146.9 167.7 2012 120.6 419.3 577.9 0.0 1,117.9 11.4 75.4 18.7 2.9 135.9 244.3 49.8 104.1 153.9 2013 130.0 497.0 598.3 0.0 1,225.3 10.9 110.5 242.4 3.7 35.1 402.6 16.6 94.5 111.1 2014 147.4 583.1 514.1 0.0 1,244.6 8.4 96.9 124.7 5.0 43.6 278.6 15.5 155.0 170.6 2015 181.0 663.0 488.3 0.0 1,332.4 20.6 515.8 159.2 5.6 50.1 751.2 8.5 246.1 254.6 2016 178.7 700.0 412.2 0.0 1,290.9 16.4 297.1 266.6 6.7 41.1 627.9 4.3 192.1 196.4 2017 195.2 795.6 606.0 0.0 1,596.7 23.0 508.4 210.7 5.0 40.0 787.1 0.4 181.3 181.7 2018 258.3 803.4 306.0 0.0 1,367.7 20.8 279.1 179.5 10.6 37.7 527.6 0.0 269.8 269.9

2017 Mar. 151.7 742.6 470.7 0.0 1,365.0 12.7 288.7 227.7 6.6 48.7 584.3 3.1 164.2 167.3 Jun. 141.8 739.6 735.7 0.0 1,617.1 20.6 200.4 196.1 5.3 43.7 466.1 1.3 155.6 156.9 Sep. 152.4 778.4 801.0 0.0 1,731.8 19.2 161.8 411.0 4.9 51.8 648.6 0.8 186.3 187.1 Dec. 195.2 795.6 606.0 0.0 1,596.7 23.0 508.4 210.7 5.0 40.0 787.1 0.4 181.3 181.7

2018 Mar. 177.1 788.4 536.4 0.0 1,501.9 20.0 217.5 391.4 4.7 45.7 679.3 0.1 181.4 181.5 Jun. 188.1 789.5 470.1 0.0 1,447.7 23.1 170.5 373.8 4.4 41.2 613.0 0.1 268.8 268.9 Sep. 191.6 797.3 418.2 0.0 1,407.1 26.3 312.7 172.5 4.2 37.7 553.4 0.0 290.6 290.7 Dec. 258.3 803.4 306.0 0.0 1,367.7 20.8 279.1 179.5 10.6 37.7 527.6 0.0 269.8 269.9

2019 Jan. 235.4 802.8 398.1 0.0 1,436.4 21.7 292.3 154.5 10.7 41.1 520.4 0.0 249.0 249.0 Feb. 208.6 798.7 298.8 0.0 1,306.1 18.1 208.6 289.0 13.6 48.8 578.0 0.0 195.1 195.1 Mar. 192.9 783.3 290.2 0.0 1,266.4 9.1 452.0 78.4 11.5 43.7 594.7 0.0 168.7 168.8 Apr. 209.8 782.4 359.6 0.0 1,351.8 11.5 108.3 423.5 6.1 41.3 590.6 0.0 157.8 157.8 May 187.1 782.6 322.8 0.0 1,292.5 11.2 458.1 80.2 11.5 43.7 604.8 0.0 184.2 184.2 Jun. 176.5 775.4 433.6 0.0 1,385.5 12.3 234.0 264.3 22.9 46.1 579.6 0.0 191.8 191.8 Jul. 192.7 801.0 506.2 0.0 1,499.9 14.2 230.2 225.5 24.0 51.3 545.1 0.0 286.8 286.8 Aug. 191.9 808.3 617.1 0.0 1,617.3 15.0 148.6 235.0 24.3 54.6 477.5 0.0 278.9 278.9 Sep. 201.9 817.5 612.0 0.0 1,631.4 14.8 281.3 169.2 22.9 58.0 546.2 0.0 306.8 306.8 Oct. 207.1 825.7 615.5 0.0 1,648.3 15.3 349.3 143.4 1.5 56.4 565.9 0.0 303.8 303.8 Nov 188.6 816.7 614.2 0.0 1,619.5 15.8 373.9 110.7 1.5 62.2 564.1 0.0 311.9 311.9 Dec 227.2 824.7 603.3 0.0 1,655.2 13.1 341.1 123.0 1.5 59.5 538.2 0.0 301.0 301.0

Note:

1/ The values reported in the table include both local and foreign currency denominated assets. 2/ The actual Statutory Reserve Deposit held by commercial banks. 3/ This includes RBF Notes & Bonds. 4/ The previously reported Balance with banks abroad has been separated into either transferable deposits or other deposits. 5/ Differences, if any, in total assets and liabilities are due to rounding off.

Source: Reserve Bank of Fiji

A15 ASSETS1/

Claims on Claims on State Claims on Public Non-Financial Other Financial & Local Claims on Private Sector Others 5/ Corporations Total Corporations Government End of Loans to Loans to State Loans to Others Total Loans to Other Loans to Securities Others Total Period Other & Local Public Non- Non-Financial Other Other than Financial Government Financial Corporations Resident Shares Corporations Corporations Sectors

0.6 8.3 44.0 12.1 56.0 738.1 432.5 1.2 1.4 1,173.3 248.0 2,580.7 2003 0.5 7.3 75.0 14.8 89.9 1,023.3 530.6 1.2 1.0 1,556.1 227.1 2,621.6 2004 1.5 7.0 80.9 5.9 86.7 1,265.7 665.2 2.0 6.8 1,939.7 256.0 3,033.8 2005 6.3 2.7 111.1 5.3 116.5 1,660.1 759.4 0.0 1.8 2,421.5 286.0 3,552.4 2006 12.6 7.9 102.2 16.2 118.5 1,670.5 788.5 0.0 1.1 2,460.1 388.9 3,961.1 2007 8.6 10.8 148.0 12.2 160.2 1,934.3 822.8 0.0 1.4 2,758.6 385.6 4,006.7 2008 2.2 11.6 210.8 11.3 222.1 1,932.1 827.5 0.0 10.8 2,770.4 387.8 4,451.1 2009 3.8 12.8 152.5 8.6 161.1 1,994.3 857.1 0.0 10.7 2,862.1 331.6 4,514.0 2010 3.4 16.2 90.4 9.3 99.7 2,196.2 860.9 0.0 14.9 3,072.1 399.4 4,953.6 2011 0.3 17.4 68.4 8.0 76.4 2,416.0 876.1 7.0 16.6 3,315.7 463.4 5,389.2 2012 4.3 16.1 290.6 3.0 293.6 2,599.7 1,047.7 6.0 17.4 3,670.8 498.0 6,221.8 2013 5.1 17.4 437.6 0.0 437.6 3,200.7 1,387.4 0.0 20.9 4,608.9 518.1 7,280.9 2014 6.8 16.0 462.2 0.0 462.2 3,624.5 1,635.2 12.7 18.0 5,290.3 574.2 8,687.7 2015 2.5 14.9 368.7 0.0 368.7 4,063.8 1,820.3 31.2 20.2 5,935.5 555.8 8,992.6 2016 5.6 13.6 360.6 0.0 360.6 4,420.1 1,923.1 37.8 30.5 6,411.4 630.4 9,987.2 2017 5.2 11.8 320.1 0.0 320.1 4,650.7 2,083.0 41.3 32.5 6,807.4 724.4 10,034.2 2018

2017 5.9 14.5 376.1 0.0 376.1 4,191.3 1,829.4 33.9 22.9 6,077.6 575.1 9,165.8 Mar. 5.8 14.4 410.8 0.0 410.8 4,238.7 1,845.1 34.3 23.2 6,141.3 612.4 9,424.8 Jun. 5.8 14.3 377.0 0.0 377.0 4,312.0 1,871.2 37.8 24.0 6,244.9 624.0 9,833.5 Sep. 5.6 13.6 360.6 0.0 360.6 4,420.1 1,923.1 37.8 30.5 6,411.4 630.4 9,987.2 Dec.

2018 5.8 12.7 354.9 0.0 354.9 4,454.7 1,961.1 37.8 23.4 6,477.0 590.3 9,803.4 Mar. 6.5 12.8 335.3 0.0 335.3 4,464.3 2,000.3 41.3 23.4 6,529.2 689.3 9,902.7 Jun. 5.9 12.6 323.5 0.0 323.5 4,578.5 2,046.4 41.3 24.4 6,690.5 657.5 9,941.2 Sep. 5.2 11.8 320.1 0.0 320.1 4,650.7 2,083.0 41.3 32.5 6,807.4 724.4 10,034.2 Dec.

2019 5.2 11.0 323.5 0.0 323.5 4,708.4 2,075.2 41.3 26.7 6,851.5 643.7 10,040.7 Jan. 5.3 11.1 319.7 0.0 319.7 4,814.1 2,078.7 41.3 27.9 6,962.0 654.9 10,032.3 Feb. 5.2 11.8 320.2 0.0 320.2 4,816.3 2,084.5 47.3 28.3 6,976.3 679.5 10,022.8 Mar. 5.2 11.1 321.8 0.0 321.8 4,819.2 2,082.2 51.3 32.9 6,985.6 623.4 10,047.4 Apr. 5.3 10.3 317.5 0.0 317.5 4,834.0 2,084.5 54.0 28.6 7,001.0 660.2 10,075.7 May 5.3 10.9 317.9 0.0 317.9 4,861.6 2,088.1 56.0 27.8 7,033.5 707.0 10,231.5 Jun. 5.4 10.4 311.4 0.0 311.4 4,806.5 2,089.8 60.0 28.3 6,984.6 660.0 10,303.6 Jul. 5.3 10.4 309.1 0.0 309.1 4,809.4 2,102.9 62.0 27.9 7,002.1 674.4 10,374.9 Aug. 5.3 10.6 310.7 0.0 310.7 4,793.6 2,110.0 62.0 30.8 6,996.4 705.7 10,513.0 Sep. 5.3 10.2 300.4 0.0 300.4 4,764.1 2,127.2 62.0 26.5 6,979.7 691.1 10,504.5 Oct. 5.3 10.2 297.7 0.0 297.7 4,800.4 2,136.3 66.0 27.0 7,029.6 689.1 10,527.6 Nov 5.4 9.4 305.7 0.0 305.7 4,814.3 2,145.0 66.0 31.4 7,056.7 714.4 10,585.9 Dec

A16 Table 10 COMMERCIAL BANKS'

($ million)

Transferable Deposits2/ Other Deposits5/ Securities Other than Shares

End of Period Other Public Non- Other Non- Other Other State & Public Non- Other Non- Other Other Non- State & Local Financial Financial Financial Resident Financial Local Financial Financial Resident Fnancial Others Government3/ Corporations Corporations4/ Corporations Sectors Corporations Government Corporations Corporations Sectors Corporations6/

2001 58.0 3.5 31.0 325.0 70.7 114.5 7.9 14.3 134.8 657.9 22.6 12.1 2002 100.8 2.5 37.8 301.5 121.4 123.7 4.4 14.8 165.1 641.9 22.7 8.9 2003 198.2 3.2 52.5 336.8 131.1 152.9 1.6 109.6 208.9 701.2 30.3 6.5 2004 56.0 1.6 65.7 467.0 211.7 175.2 0.9 146.9 243.2 713.3 26.5 8.8 2005 96.3 6.6 89.1 556.5 250.7 105.7 2.3 211.0 263.8 791.3 27.4 3.0 2006 61.7 1.4 89.8 540.6 226.2 309.4 1.6 264.5 491.0 870.0 22.2 42.1 2007 346.0 3.1 216.0 622.6 259.2 270.8 1.0 206.0 435.7 823.0 27.9 37.8 2008 144.6 2.6 143.5 588.8 254.3 341.8 0.8 195.1 457.2 858.8 20.5 24.4 2009 78.4 3.5 127.1 534.8 284.0 380.4 1.2 222.4 618.1 962.4 20.6 24.6 2010 121.6 3.4 133.7 658.9 233.0 383.4 0.7 177.8 522.8 1,062.9 18.4 11.4 2011 424.0 11.1 218.2 851.3 235.7 388.2 1.3 97.5 509.9 1,105.0 19.5 8.1 2012 513.0 14.3 175.8 941.7 257.8 407.0 1.1 77.3 502.2 1,232.3 32.9 1.7 2013 750.5 22.0 239.5 1,324.5 938.7 642.5 3.5 121.4 427.0 558.6 22.0 0.0 2014 515.9 26.3 274.2 1,463.1 1,093.8 1,011.8 1.7 192.3 499.5 658.5 24.7 0.4 2015 599.9 36.7 371.7 1,632.8 1,205.9 1,018.2 3.6 265.4 656.8 724.3 20.3 0.0 2016 521.5 39.4 363.7 1,731.4 1,313.7 976.4 3.4 370.8 672.2 773.6 23.0 0.0 2017 712.9 31.7 463.0 1,928.1 1,439.9 942.2 9.4 385.5 573.6 834.6 25.4 0.0 2018 615.3 31.2 488.1 1,950.5 1,512.8 944.2 8.2 425.9 569.7 896.9 15.7 0.0

2017 Mar. 560.4 52.5 361.7 1,769.4 1,309.1 952.3 4.7 362.9 651.2 786.3 20.5 0.0 Jun. 606.5 42.6 441.9 1,849.5 1,352.6 996.0 11.7 442.9 610.3 809.6 21.8 0.0 Sep. 724.6 35.7 454.0 1,961.4 1,414.4 901.3 10.6 396.0 595.9 835.0 29.0 0.0 Dec. 712.9 31.7 463.0 1,928.1 1,439.9 942.2 9.4 385.5 573.6 834.6 25.4 0.0

2018 Mar. 503.7 48.9 512.2 1,914.0 1,450.5 907.8 9.3 488.1 564.5 840.7 23.2 0.0 Jun. 497.6 43.7 559.3 2,014.9 1,489.0 948.0 9.3 413.5 607.2 856.8 17.7 0.0 Sep. 497.0 39.6 501.6 2,000.8 1,508.9 991.0 8.4 451.0 588.7 883.8 17.9 0.0 Dec. 615.3 31.2 488.1 1,950.5 1,512.8 944.2 8.2 425.9 569.7 896.9 15.7 0.0

2019 Jan. 552.7 42.2 506.3 1,941.1 1,507.2 960.5 8.2 436.5 591.2 926.9 18.2 0.0 Feb. 498.3 49.0 475.2 1,872.1 1,497.8 938.8 6.6 431.6 591.7 939.7 15.8 0.0 Mar. 477.0 50.6 481.4 1,841.6 1,475.7 914.6 6.2 435.5 633.4 967.5 19.5 0.0 Apr. 554.3 47.3 452.8 1,894.3 1,466.3 761.4 6.2 436.8 630.2 976.5 16.7 0.0 May 500.5 42.6 445.9 1,811.8 1,469.0 804.9 10.6 451.7 639.9 1,016.4 17.9 0.0 Jun. 575.8 40.2 415.9 1,902.5 1,458.9 770.4 11.0 420.8 654.3 1,034.5 19.6 0.0 Jul. 585.7 39.3 522.5 1,922.9 1,466.5 824.0 11.0 414.5 645.6 1,055.0 11.2 0.0 Aug. 625.8 37.1 453.9 1,973.9 1,471.8 815.9 11.0 405.9 660.2 1,058.7 11.6 0.0 Sep. 610.6 35.1 428.7 1,995.8 1,474.9 820.3 11.0 432.4 663.4 1,068.8 16.0 0.0 Oct. 463.5 36.9 502.7 2,053.1 1,494.4 763.7 6.0 411.0 707.8 1,073.3 13.4 0.0 Nov 503.9 35.5 403.2 2,078.6 1,506.6 780.6 6.0 473.1 708.6 1,071.8 26.5 0.0 Dec 542.2 35.3 446.1 2,045.4 1,519.5 748.9 6.0 463.8 728.2 1,064.5 10.7 0.0

Note:

1/ Commercial banks liabilities reported in the table include both local and foreign currency denominated liabilities. 2/ Previously reported as demand deposits. 3/ Previously reported as Local Government. 4/ Previously reported as Statutory Bodies. 5/ Includes both savings and time deposits. 6/ Includes local bills payable. 7/ Under Non-Residents, previously reported balance to banks abroad has been separated into transferable and other deposits, while foreign bills payable is classified under others. 8/ Differences, if any, in total assets and liabilities are due to rounding off.

Source: Reserve Bank of Fiji

A17 LIABILITIES1/

Central Government Non-Residents (Foreign Liabilities)7/ Central Shares & Other Total8/ Bank Other Equity End of Period Transferable Other Transferable Other Others Total Others Total Deposits Deposits Deposits Deposits

55.8 0.2 13.9 70.0 111.3 65.2 3.2 179.6 0.0 158.8 102.5 1,963.2 2001 58.9 0.2 17.8 76.9 144.2 63.8 2.4 210.4 0.0 151.4 137.2 2,121.3 2002 68.6 0.3 12.9 81.8 133.5 63.5 13.3 210.3 0.0 186.0 169.8 2,580.7 2003 69.9 4.1 15.6 89.6 54.5 35.8 0.0 90.4 0.0 190.0 134.9 2,621.6 2004 58.0 15.2 13.2 86.3 68.4 114.9 0.0 183.3 0.0 220.0 140.4 3,033.8 2005 43.7 14.1 22.0 79.8 74.1 39.1 3.6 116.8 0.0 267.2 168.2 3,552.4 2006 64.4 7.9 23.9 96.2 72.1 31.3 22.7 126.1 0.0 294.7 194.9 3,961.1 2007 87.4 8.6 29.2 125.2 157.2 40.0 13.9 211.2 0.0 392.8 245.2 4,006.7 2008 105.2 14.2 23.6 143.1 103.9 52.3 137.8 294.0 1.8 516.4 238.2 4,451.1 2009 122.8 23.1 16.4 162.3 109.3 48.0 44.4 201.6 2.7 568.6 250.7 4,514.0 2010 146.6 21.7 15.5 183.9 111.0 45.7 8.5 165.2 2.3 492.5 239.9 4,953.6 2011 230.0 21.8 3.6 255.5 172.8 37.8 18.4 229.0 1.4 499.6 246.6 5,389.2 2012 155.8 13.5 5.7 174.9 182.8 12.8 7.5 203.0 1.9 550.7 241.0 6,221.8 2013 184.6 14.6 12.8 212.0 215.1 8.8 44.5 268.4 18.0 721.4 298.6 7,280.9 2014 269.3 15.8 11.0 296.1 559.3 27.5 91.7 678.5 23.7 840.1 313.5 8,687.7 2015 375.4 60.7 4.8 440.8 371.5 24.6 65.8 461.8 24.0 934.1 342.7 8,992.6 2016 560.9 37.6 3.4 601.9 550.5 29.1 53.6 633.2 30.0 995.1 380.6 9,987.2 2017 413.4 80.2 10.4 504.1 201.3 171.6 75.9 448.9 35.4 1,138.1 449.2 10,034.2 2018

2017 373.0 31.1 5.4 409.5 501.4 33.8 102.4 637.5 25.3 933.8 328.6 9,165.8 Mar. 361.5 41.7 1.8 405.0 404.8 28.9 62.2 495.9 25.5 963.8 349.2 9,424.8 Jun. 552.0 41.9 1.8 595.7 407.9 29.2 71.7 508.7 34.8 992.2 344.2 9,833.5 Sep. 560.9 37.6 3.4 601.9 550.5 29.1 53.6 633.2 30.0 995.1 380.6 9,987.2 Dec.

2018 395.3 52.9 5.5 453.7 486.4 91.2 47.8 625.4 19.7 1,024.9 416.8 9,803.4 Mar. 343.3 50.9 4.0 398.1 423.7 43.7 46.2 513.6 18.7 1,068.2 447.2 9,902.7 Jun. 410.7 72.2 6.1 488.9 324.3 43.9 61.3 429.5 19.9 1,085.5 428.7 9,941.2 Sep. 413.4 80.2 10.4 504.1 201.3 171.6 75.9 448.9 35.4 1,138.1 449.2 10,034.2 Dec.

2019 354.3 75.6 12.8 442.7 200.2 178.2 76.4 454.8 53.5 1,151.8 446.9 10,040.7 Jan. 328.1 74.2 19.1 421.4 208.6 354.5 60.5 623.6 50.5 1,173.1 447.3 10,032.3 Feb. 324.4 90.7 12.7 427.8 206.2 367.6 58.0 631.9 32.2 1,187.2 440.7 10,022.8 Mar. 331.8 81.8 17.0 430.6 205.1 357.8 63.4 626.2 63.8 1,250.6 433.2 10,047.4 Apr. 352.8 81.8 21.7 456.3 205.5 378.7 65.4 649.7 29.7 1,268.5 460.3 10,075.7 May 381.0 101.8 9.9 492.7 240.0 332.0 73.6 645.6 37.3 1,288.4 463.6 10,231.5 Jun. 340.6 79.3 14.7 434.5 221.8 290.5 69.9 582.1 37.1 1,290.4 461.3 10,303.6 Jul. 357.8 68.3 18.9 445.0 226.8 267.4 76.5 570.8 79.4 1,290.7 463.3 10,374.9 Aug. 406.0 92.5 6.6 505.0 228.1 307.8 76.7 612.6 77.9 1,294.1 466.3 10,513.0 Sep. 419.5 118.3 10.6 548.3 208.7 255.3 82.5 546.4 86.4 1,297.6 500.0 10,504.5 Oct. 390.8 103.3 15.1 509.3 229.5 214.0 98.0 541.4 79.5 1,305.7 497.4 10,527.6 Nov 404.2 98.3 11.6 514.1 242.1 227.9 65.5 535.5 87.7 1,328.6 509.4 10,585.9 Dec

A18 Table 11 LIQUIDITY POSITION OF

($ million)

Actual Liquid Assets2/ End Adjusted Required Liquid Adjusted of Vault Deposits Securities Total Liquid Liquid Assets Liquid Assets Period Cash with RBF Assets Assets3/ Margin Margin (Local (Demand Currency) Deposits)

1 2 3 4 5 6 7 8 (1+2+3) (4-1) (4-6) (7-1)

2000 45.5 51.9 219.2 316.6 271.1 150.7 166.0 120.4 2001 32.6 124.6 211.7 368.9 336.3 148.0 220.8 188.2 2002 36.2 126.7 256.2 419.1 382.9 159.6 259.5 223.3 2003 43.4 236.2 323.6 603.2 559.8 183.5 419.6 376.3 2004 51.4 101.0 326.3 478.8 427.3 198.7 280.1 228.7 2005 59.9 71.5 304.3 435.7 375.8 237.8 197.9 138.0 2006 60.3 107.3 291.3 458.9 398.6 283.2 175.7 115.4 2007 91.9 331.1 352.2 775.3 683.4 322.0 453.3 361.4 2008 76.2 55.1 258.0 389.3 313.1 309.4 79.9 3.7 2009 76.1 296.6 312.9 685.5 609.5 324.2 361.3 285.3 2010 95.6 348.4 251.0 694.9 599.4 336.0 359.0 263.4 2011 91.8 510.1 255.6 857.5 765.7 386.1 471.4 379.6 2012 120.6 577.9 225.3 923.9 803.2 417.2 506.7 386.0 2013 130.0 598.3 233.5 961.8 831.8 493.1 468.8 338.7 2014 147.4 514.1 283.3 944.8 797.5 582.4 362.4 215.1 2015 181.0 488.3 363.5 1,032.9 851.8 660.4 372.4 191.4 2016 178.7 412.2 364.3 955.3 776.5 691.1 264.2 85.4 2017 195.2 606.0 374.0 1,175.2 980.0 762.8 412.3 217.2 2018 258.3 306.0 513.7 1,078.0 819.8 773.1 304.9 46.6

2017 Mar. 151.7 470.7 337.5 959.9 808.1 701.4 258.5 106.7 Jun. 141.8 735.7 329.0 1,206.5 1,064.7 724.9 481.6 339.8 Sep. 152.4 801.0 371.2 1,324.6 1,172.2 753.7 570.9 418.5 Dec. 195.2 606.0 374.0 1,175.2 980.0 762.8 412.3 217.2

2018 Mar. 177.1 536.4 371.9 1,085.4 908.3 751.2 334.2 157.1 Jun. 188.1 470.1 473.2 1,131.4 943.3 764.6 366.8 178.7 Sep. 191.6 418.2 504.1 1,113.8 922.3 775.4 338.5 146.9 Dec. 258.3 306.0 513.7 1,078.0 819.8 773.1 304.9 46.6

2019 Jan. 235.4 398.1 490.7 1,124.2 888.8 782.0 342.2 106.7 Feb. 208.6 298.8 436.2 943.7 735.0 777.9 165.7 -42.9 Mar. 192.9 290.2 410.4 893.6 700.6 758.1 135.4 -57.5 Apr. 209.8 359.6 400.7 970.0 760.3 758.5 211.6 1.8 May 187.1 322.8 433.3 943.2 756.1 754.3 188.9 1.8 Jun. 176.5 433.6 439.7 1,049.8 873.3 752.1 297.6 121.2 Jul. 192.7 506.2 544.6 1,243.5 1,050.8 769.8 473.7 281.0 Aug. 191.9 617.1 544.8 1,353.8 1,161.9 781.2 572.6 380.7 Sep. 201.9 612.0 569.7 1,383.6 1,181.7 793.6 590.0 388.1 Oct. 207.1 615.5 560.8 1,383.4 1,176.2 802.1 581.3 374.2 Nov 188.6 614.2 564.9 1,367.7 1,179.1 793.3 574.3 385.8 Dec 227.2 603.3 556.1 1,386.7 1,159.5 795.9 590.8 363.6

Note: 1/ As defined under the Section 43 of the RBF Act. Since 1996, when the National Bank of Fiji Restructuring Act became effective, Section 31 exempts the NBF Assets Management Bank from holding Statutory Reserve Deposit and Unimpaired Liquid Asset. 2/ Balances at the end of the review month.

3/ Refers to the total only and not individual items. The total is derived as 10% of commercial banks deposits and similar liabilities at the end of the previous month.

4/ Balances of deposits and related liabilities as at the end of the previous month.

Source: Reserve Bank of Fiji

A19 COMMERCIAL BANKS'1/

Memorandum Items

Total Total Liquid Adjusted Loans & Liquid Adjusted End Loans & Deposits4/ Assets/Loans Liquid Assets/ Advances/ Assets Liquid Assets of Advances & Advances Loans & Advances Deposit Margin/Deposit Margin/Deposit Period Ratio Ratio Ratio Ratio Ratio

9 10 11 12 13 14 15 (4/9) (5/9) (9/10) (7/10) (8/10)

1,173.7 1,506.9 27.0 23.1 77.9 11.0 8.0 2000 1,114.4 1,480.7 33.1 30.2 75.3 14.9 12.7 2001 1,154.5 1,595.6 36.3 33.2 72.4 16.3 14.0 2002 1,359.9 1,835.3 44.4 41.2 74.1 22.9 20.5 2003 1,623.2 1,986.6 29.5 26.3 81.7 14.1 11.5 2004 1,994.7 2,377.6 21.8 18.8 83.9 8.3 5.8 2005 2,422.6 2,831.5 18.9 16.5 85.6 6.2 4.1 2006 2,474.2 3,219.6 31.3 27.6 76.8 14.1 11.2 2007 2,761.1 3,093.8 14.1 11.3 89.2 2.6 0.1 2008 2,786.1 3,242.1 24.6 21.9 85.9 11.1 8.8 2009 2,882.6 3,359.6 24.1 20.8 85.8 10.7 7.8 2010 3,118.0 3,860.7 27.5 24.6 80.8 12.2 9.8 2011 3,628.1 4,172.0 25.5 22.1 87.0 12.1 9.3 2012 3,856.7 4,930.7 24.9 21.6 78.2 9.5 6.9 2013 4,835.0 5,824.1 19.5 16.5 83.0 6.2 3.7 2014 5,479.8 6,604.5 18.8 15.5 83.0 5.6 2.9 2015 5,986.4 6,910.8 16.0 13.0 86.6 3.8 1.2 2016 6,488.5 7,628.4 18.1 15.1 85.1 5.4 2.8 2017 6,893.0 7,731.1 15.6 11.9 89.2 3.9 0.6 2018

2017 6,086.2 7,013.8 15.8 13.3 86.8 3.7 1.5 Mar. 6,189.0 7,249.1 19.5 17.2 85.4 6.6 4.7 Jun. 6,314.1 7,537.3 21.0 18.6 83.8 7.6 5.6 Sep. 6,488.5 7,628.4 18.1 15.1 85.1 5.4 2.8 Dec.

2018 6,584.9 7,512.0 16.5 13.8 87.7 4.4 2.1 Mar. 6,642.2 7,646.2 17.0 14.2 86.9 4.8 2.3 Jun. 6,784.2 7,753.7 16.4 13.6 87.5 4.4 1.9 Sep. 6,893.0 7,731.1 15.6 11.9 89.2 3.9 0.6 Dec.

2019 6,947.4 7,820.4 16.2 12.8 88.8 4.4 1.4 Jan. 6,952.4 7,779.1 13.6 10.6 89.4 2.1 -0.6 Feb. 6,956.6 7,581.5 12.8 10.1 91.8 1.8 -0.8 Mar. 6,958.8 7,584.5 13.9 10.9 91.7 2.8 0.0 Apr. 6,973.5 7,543.0 13.5 10.8 92.5 2.5 0.0 May 7,012.9 7,521.4 15.0 12.5 93.2 4.0 1.6 Jun. 6,949.9 7,697.9 17.9 15.1 90.3 6.2 3.7 Jul. 6,961.8 7,812.2 19.4 16.7 89.1 7.3 4.9 Aug. 6,968.3 7,936.3 19.9 17.0 87.8 7.4 4.9 Sep. 6,959.1 8,020.5 19.9 16.9 86.8 7.2 4.7 Oct. 7,003.3 7,933.5 19.5 16.8 88.3 7.2 4.9 Nov 7,040.5 7,958.6 19.7 16.5 88.5 7.4 4.6 Dec

A20 Table 12 COMPONENTS OF COMMERCIAL BANKS' DEPOSITS ($ million)

Demand Deposits Savings Deposits Time Deposits Total End of Central Statu- Resi- Non - Total Central Statu- Resi- Non - Total Central Statu- Resi- Non - Total Period & Local tory dent Resident & Local tory dent Resident & Local tory dent Resident Gover- Bodies Gover- Bodies Gover- Bodies nment nment nment

2001 59.3 87.2 378.2 84.9 609.6 0.2 0.1 443.4 13.6 457.2 8.0 56.6 338.2 7.9 410.6 1,477.4 2002 61.5 135.1 405.3 118.8 720.7 0.2 0.0 463.2 15.5 479.0 4.4 74.4 328.5 7.0 414.3 1,614.1 2003 71.8 244.6 447.6 98.7 862.7 0.3 0.3 501.2 18.4 520.3 1.6 183.2 394.1 9.2 588.2 1,971.1 2004 71.5 120.6 652.5 37.7 882.2 0.3 0.1 562.2 3.5 566.1 4.8 234.0 370.5 2.4 611.6 2,059.9 2005 64.6 151.5 792.5 36.6 1,045.1 0.1 0.2 618.9 4.8 624.0 17.4 286.4 409.0 2.1 714.9 2,384.0 2006 45.1 146.2 732.1 28.0 951.3 0.1 0.0 605.8 5.6 611.5 15.6 572.4 690.2 17.6 1,295.7 2,858.5 2007 67.6 557.2 837.8 31.9 1,494.4 2.5 6.7 639.0 4.8 653.0 6.4 466.2 574.1 9.4 1,056.1 3,203.5 2008 90.0 285.8 761.2 36.7 1,173.7 4.9 0.0 693.6 5.3 703.8 4.5 506.7 580.1 13.0 1,104.2 2,981.7 2009 108.7 194.5 781.1 39.0 1,123.4 8.8 0.0 739.7 5.5 754.0 6.5 532.2 774.5 17.9 1,331.1 3,208.5 2010 126.2 251.9 852.3 30.3 1,260.7 14.0 0.0 775.8 5.1 794.9 9.9 488.8 753.6 17.3 1,269.6 3,325.2 2011 157.7 639.3 1,031.5 38.1 1,866.6 8.1 0.0 911.1 7.0 926.2 14.9 444.5 649.9 7.1 1,116.4 3,909.2 2012 244.3 675.1 1,150.5 80.7 2,150.6 10.0 0.0 1,029.0 7.9 1,047.0 13.0 452.0 652.0 6.2 1,123.1 4,320.7 2013 177.8 978.8 2,211.8 63.0 3,431.3 8.4 10.1 242.7 2.0 263.2 8.6 508.8 683.0 10.2 1,210.6 4,905.2 2014 211.0 776.6 2,489.4 76.0 3,552.9 9.5 59.6 214.8 2.4 286.4 6.8 1,012.5 893.2 6.0 1,918.5 5,757.8 2015 306.0 965.8 2,751.8 124.4 4,148.0 8.7 70.7 219.6 3.1 302.1 10.7 1,074.7 1,022.1 18.1 2,125.6 6,575.7 2016 414.8 881.0 2,927.7 116.6 4,340.2 3.7 50.2 220.7 3.2 277.7 60.4 1,031.0 1,154.2 13.5 2,259.2 6,877.0 2017 592.6 1,173.3 3,258.7 80.3 5,104.8 11.6 87.0 232.7 4.1 335.4 35.4 979.7 1,098.9 13.3 2,127.3 7,567.4 2018 444.7 1,062.1 3,337.0 93.1 4,937.0 20.1 85.8 237.9 3.6 347.4 68.3 1,168.1 1,156.4 18.9 2,411.7 7,696.1

2017 Mar. 425.6 918.7 2,987.6 100.6 4,432.5 11.5 118.3 219.7 4.4 353.9 24.3 973.5 1,153.9 17.0 2,168.7 6,955.1 Jun. 404.0 1,046.4 3,099.0 93.7 4,643.2 11.5 74.7 216.7 3.7 306.6 42.0 1,100.1 1,136.2 13.1 2,291.4 7,241.2 Sep. 587.8 1,175.6 3,261.9 76.9 5,102.2 11.6 100.2 232.2 3.8 347.8 40.8 927.2 1,119.7 10.4 2,098.2 7,548.2 Dec. 592.6 1,173.3 3,258.7 80.3 5,104.8 11.6 87.0 232.7 4.1 335.4 35.4 979.7 1,098.9 13.3 2,127.3 7,567.4

2018 Mar. 444.2 1,011.1 3,232.8 79.2 4,767.4 23.8 70.5 232.2 3.7 330.3 38.4 1,224.1 1,092.4 13.4 2,368.3 7,465.9 Jun. 387.0 1,020.2 3,379.9 83.0 4,870.1 6.1 96.4 241.9 3.5 347.9 54.1 1,202.7 1,105.4 14.5 2,376.6 7,594.5 Sep. 450.3 961.3 3,368.3 85.5 4,865.4 12.1 99.8 243.1 3.3 358.3 68.5 1,236.8 1,154.5 17.0 2,476.8 7,700.5 Dec. 444.7 1,062.1 3,337.0 93.1 4,937.0 20.1 85.8 237.9 3.6 347.4 68.3 1,168.1 1,156.4 18.9 2,411.7 7,696.1

2019 Jan. 396.5 1,017.7 3,321.4 97.6 4,833.2 15.1 51.0 239.1 3.7 309.0 68.7 1,231.1 1,213.9 19.7 2,533.4 7,675.6 Feb. 377.1 937.9 3,237.6 96.8 4,649.3 12.1 46.2 232.3 3.8 294.4 68.7 1,207.8 1,232.7 20.6 2,529.8 7,473.6 Mar. 374.9 924.2 3,181.1 94.4 4,574.5 22.1 61.9 230.6 3.8 318.5 74.8 1,170.8 1,302.9 21.5 2,570.0 7,463.0 Apr. 379.1 969.1 3,208.9 96.3 4,653.5 12.1 6.9 226.3 4.1 249.5 75.9 1,072.6 1,324.7 22.6 2,495.8 7,398.7 May 395.5 900.9 3,156.7 95.2 4,548.3 12.1 12.9 231.1 4.0 260.1 80.3 1,122.5 1,368.2 22.1 2,593.1 7,401.5 Jun. 421.2 950.3 3,223.0 105.8 4,700.3 32.2 29.0 238.1 4.0 303.2 80.6 1,080.2 1,391.4 22.2 2,574.3 7,577.8 Jul. 379.9 1,065.1 3,240.1 110.4 4,795.5 12.1 64.1 240.5 4.1 320.8 78.1 1,076.4 1,408.8 21.5 2,584.8 7,701.0 Aug. 394.9 1,047.7 3,299.9 114.5 4,857.0 12.1 64.3 230.7 3.8 311.0 67.2 1,079.7 1,426.0 24.6 2,597.5 7,765.5 Sep. 441.1 1,001.9 3,304.3 120.0 4,867.3 36.1 64.6 231.3 3.7 335.8 67.3 1,110.8 1,433.4 24.9 2,636.4 7,839.5 Oct. 456.4 936.8 3,378.2 114.0 4,885.4 62.0 17.3 234.5 3.8 317.5 62.3 1,087.6 1,422.3 26.9 2,599.1 7,802.0 Nov 426.3 870.0 3,414.0 117.7 4,828.0 47.0 38.2 233.6 3.6 322.5 62.3 1,145.7 1,417.7 29.1 2,654.8 7,805.2 Dec 439.5 940.4 3,428.0 127.8 4,935.8 42.0 38.4 232.3 3.5 316.2 62.3 1,106.2 1,416.3 28.9 2,613.7 7,865.7

Source: Reserve Bank of Fiji

A21 Table 13 COMMERCIAL BANKS' LENDING AND DEPOSIT RATES (Percent Per Annum)

End Deposit Rates Lending Rates of Savings Time Agricul- Manufact- Building & Real Wholesale Transport Non-Bank Professional Private Weighted Period ture uring Construc- Estate & Retail & Storage Financial & Business Indivi- Average tion Institutions Services duals

2000 0.85 3.00 10.70 7.77 8.89 8.56 7.63 9.28 9.08 8.64 8.92 8.37 2001 0.78 2.43 9.99 7.64 8.62 8.12 7.52 9.09 8.64 8.69 8.89 8.19 2002 0.57 2.17 10.33 7.46 7.60 8.25 6.84 8.86 5.87 8.30 8.90 7.89 2003 0.45 1.70 9.52 7.08 7.29 7.62 6.43 8.53 13.83 7.97 8.35 7.39 2004 0.36 1.77 9.13 6.42 7.47 6.93 6.25 7.96 6.71 7.29 7.83 7.03 2005 0.40 2.03 8.03 6.00 6.87 6.36 5.90 7.23 7.01 6.82 7.47 6.63 2006 0.84 9.05 9.18 6.43 8.14 7.73 7.14 7.62 9.44 7.72 8.91 7.90 2007 0.64 4.45 10.21 7.50 8.79 6.99 7.68 8.46 8.50 8.49 9.93 8.46 2008 0.64 3.00 9.95 7.11 7.76 6.00 6.96 7.54 8.25 8.11 9.31 7.72 2009 0.92 5.83 9.57 6.75 7.62 6.41 6.96 7.10 7.77 8.69 8.72 7.52 2010 1.02 4.73 9.54 6.30 7.81 6.80 6.84 6.91 9.29 8.51 8.55 7.42 2011 0.91 2.97 8.80 6.52 7.42 7.77 6.76 7.59 9.66 8.38 8.29 7.42 2012 0.74 2.28 7.74 5.96 6.45 5.95 5.98 6.13 7.77 7.02 7.94 6.62 2013 0.72 1.79 6.79 5.23 5.82 5.08 4.85 5.79 6.78 6.48 7.65 5.84 2014 0.57 2.15 6.58 4.94 5.49 4.75 4.57 6.44 6.97 6.19 7.69 5.71 2015 1.01 2.71 6.20 4.79 5.06 4.76 4.97 6.34 7.11 6.35 7.94 5.89 2016 0.97 2.95 6.44 4.79 4.82 4.96 4.73 6.39 6.78 6.49 7.74 5.80 2017 1.34 3.21 6.61 4.74 4.96 5.00 4.65 6.32 8.50 6.50 7.20 5.65 2018 1.32 3.61 6.54 5.34 5.02 5.01 4.79 6.50 8.92 6.61 7.05 5.69

2017 Mar. 1.12 3.19 6.45 4.82 4.86 4.90 4.82 6.45 7.35 6.46 7.66 5.82 Jun. 1.19 3.34 6.38 4.80 4.86 4.87 5.00 6.27 6.75 6.45 7.47 5.77 Sep. 1.41 3.30 6.63 4.78 4.93 4.93 4.90 6.30 6.75 6.55 7.32 5.72 Dec. 1.34 3.21 6.61 4.74 4.96 5.00 4.65 6.32 8.50 6.50 7.20 5.65

2018 Mar. 1.22 3.30 6.59 4.96 4.94 4.99 4.77 6.40 8.32 6.50 7.11 5.66 Jun. 1.43 3.36 6.74 5.24 5.02 4.95 4.88 6.38 7.91 6.52 7.08 5.70 Sep. 1.35 3.47 6.64 5.24 4.91 4.99 4.95 6.49 8.31 6.53 7.07 5.70 Dec. 1.32 3.61 6.54 5.34 5.02 5.01 4.79 6.50 8.92 6.61 7.05 5.69

2019 Jan. 1.20 3.74 6.62 5.45 5.04 5.01 4.79 6.51 8.89 6.55 7.08 5.70 Feb. 1.17 3.79 6.55 4.92 5.01 5.01 4.71 6.48 8.75 6.60 7.09 5.65 Mar. 1.21 3.93 6.58 4.97 5.03 5.03 4.77 6.52 8.91 6.58 7.07 5.66 Apr. 0.90 3.70 6.62 5.25 5.20 5.21 5.01 6.73 8.92 6.83 7.06 5.81 May 1.14 3.97 7.10 5.57 5.44 5.53 5.23 6.90 8.93 6.99 7.08 5.99 Jun. 1.08 4.13 7.15 5.56 5.49 5.59 5.26 6.95 8.93 7.06 7.09 6.03 Jul. 1.19 4.25 7.28 5.56 5.69 5.68 5.28 6.98 9.47 7.05 7.16 6.09 Aug. 1.49 4.32 7.43 6.26 5.85 5.85 5.53 7.23 9.42 7.36 7.19 6.29 Sep. 1.24 4.31 7.45 5.92 5.84 5.79 5.53 7.20 9.42 7.16 7.21 6.25 Oct. 1.04 4.27 7.45 5.93 5.74 5.82 5.54 7.27 9.42 7.23 7.21 6.28 Nov. 1.03 4.23 7.45 5.88 5.76 5.85 5.55 7.26 9.45 7.15 7.23 6.29 Dec. 1.10 4.10 7.40 5.88 5.74 5.86 5.57 7.28 9.46 7.16 7.24 6.30

Source: Reserve Bank of Fiji

A22 Table 14 COMMERCIAL BANKS' (Percent Per

End Negotiable Rate of Period < 1 month 3 months 6 months 12 months 24 months > 24 months

2000 0.00-1.00 0.50-2.11 1.04-2.50 1.68-3.47 1.95-4.16 2.25-3.50 2001 0.19-1.00 0.30-1.00 0.46-1.22 0.58-4.00 1.21-3.48 1.80-4.49 2002 0.21-1.19 0.30-1.00 0.41-3.80 0.60-2.84 1.05-3.10 2.00-3.63 2003 0.00-0.43 0.13-0.67 0.40-0.86 0.90-1.26 1.34-2.01 1.80-2.85 2004 0.47-0.63 0.20-1.00 0.58-1.70 0.50-1.85 1.00-2.47 1.27-3.10 2005 0.00-0.62 0.96-2.43 2.16-2.98 1.39-2.49 1.27-2.46 2.16-2.80 2006 7.75-13.70 11.64-14.12 10.60-13.99 1.25-13.84 2.46-14.20 1.53-14.26 2007 0.45-1.34 0.43-1.13 0.31-7.77 0.37-0.60 0.70-1.93 1.50-1.68 2008 0.45-1.34 0.43-1.13 0.31-7.77 0.37-0.60 0.70-1.93 1.50-1.68 2009 5.00-6.79 4.00-7.50 6.70-7.32 6.00-7.24 5.58-7.27 4.60-6.25 2010 3.03-3.94 3.02-4.00 3.18-4.13 3.45-4.17 3.70-4.21 4.00-5.00 2011 0.00-0.85 0.10-2.89 0.63-2.72 0.50-2.09 1.61-3.20 2.25-4.07 2012 0.10-0.50 0.49-1.17 0.25-1.30 0.62-2.75 0.71-1.49 2.56-3.50 2013 0.00-0.10 0.38-0.53 0.10-0.34 0.10-1.71 0.43-2.28 1.00-2.77 2014 0.73-2.25 0.39-1.82 0.27-1.33 1.50-3.10 0.96-3.26 1.88-4.05 2015 0.00-0.26 1.48-3.00 0.61-3.50 1.73-3.85 1.53-3.58 1.38-3.65 2016 0.00-0.56 0.42-3.88 0.33-4.00 1.25-3.84 2.59-3.80 2.50-4.70 2017 0.00-0.55 0.00-3.11 0.00-2.46 1.50-3.85 2.31-3.79 0.00-3.38 2018 0.00-1.04 0.00-4.45 0.00-4.91 1.68-4.82 2.86-4.25 2.55-4.36

2017 Mar. 0.00-3.50 0.00-4.18 2.02-4.25 2.03-4.49 2.31-4.50 0.00-4.51 Jun. 0.00-3.90 0.00-4.20 2.12-4.05 0.00-7.78 2.26-4.57 1.94-5.47 Sep. 0.00-3.28 0.92-3.51 1.70-3.43 0.00-4.01 1.70-3.66 0.00-4.00 Dec. 0.00-0.55 0.00-3.11 0.00-2.46 1.50-3.85 2.31-3.79 0.00-3.38

2018 Mar. 0.00-0.85 0.00-3.50 1.57-3.75 1.03-4.08 2.32-4.05 0.00-4.20 Jun. 0.00-251 0.00-3.60 1.00-3.99 0.00-3.86 2.77-3.96 2.50-4.00 Sep. 0.00-3.87 0.00-4.30 1.54-4.27 1.18-4.50 2.30-3.92 0.00-4.34 Dec. 0.00-1.04 0.00-4.45 0.00-4.91 1.68-4.82 2.86-4.25 2.55-4.36

2019 Jan. 0.00-4.07 1.00-4.51 1.00-4.97 1.50-5.01 0.00-4.96 1.59-5.00 Feb. 0.00-4.07 1.00-4.76 1.00-5.44 1.85-4.68 0.00-4.87 3.00-4.94 Mar. 0.00-5.47 0.26-5.54 2.45-5.58 1.97-5.03 3.51-5.07 0.28-5.77 Apr. 0.00-6.00 0.00-5.67 2.05-6.70 0.00-5.69 2.27-5.81 2.54-5.40 May 0.00-5.94 1.42-6.63 2.87-6.60 0.00-6.42 3.96-7.09 3.00-6.84 Jun. 0.00-7.25 0.00-6.90 2.43-7.08 0.00-7.30 3.28-5.78 2.88-6.26 Jul. 0.00-4.75 0.00-6.33 0.00-6.21 0.00-6.18 4.17-5.96 2.71-6.40 Aug. 0.00-5.11 0.00-5.57 0.00-5.85 2.00-5.65 3.01-5.60 0.00-5.46 Sep. 0.00-4.81 0.00-5.10 0.67-4.99 1.91-5.31 3.32-4.59 3.00-6.47 Oct. 0.00-3.60 0.00-4.17 1.50-4.73 0.00-4.37 3.06-4.80 0.00-4.83 Nov. 0.00-4.00 0.00-4.25 2.72-3.66 0.00-4.31 2.33-4.38 0.00-4.50 Dec. 0.00-1.00 0.00-3.50 0.00-3.65 0.00-4.39 3.10-3.95 0.00-6.03 `

Note:

1/ Differences from previously published tables are due to revisions and amendments.

Source: Reserve Bank of Fiji

A23 TIME DEPOSIT RATES1/ Annum)

Carded Rate End of < 1 month 3 months 6 months 12 months 24 months > 24 months Period

- 0.70-1.00 0.75-1.25 1.00-2.00 1.70-3.00 2.15-3.50 2000 0.00-0.70 0.70-1.00 0.75-1.30 1.10-2.00 1.50-3.00 2.10-4.00 2001 0.25-0.70 0.70-1.00 0.75-1.25 1.18-2.00 1.45-3.00 1.75-3.75 2002 0.15-0.55 0.40-0.65 0.50-0.85 0.90-1.35 1.25-1.75 1.50-3.00 2003 0.50-0.55 0.10-0.65 0.30-0.85 0.50-1.35 1.00-2.00 1.50-2.75 2004 0.00-0.50 0.10-0.65 0.30-0.85 0.50-1.55 1.00-2.40 1.50-2.75 2005 1.15-2.00 0.75-2.00 1.00-4.60 1.25-5.00 2.50-8.00 2.70-6.25 2006 0.00-0.80 0.15-1.65 0.40-2.00 0.60-3.10 1.25-2.75 1.50-3.00 2007 0.00-0.80 0.15-1.65 0.40-2.00 0.60-3.10 1.25-2.75 1.50-3.00 2008 1.00-1.30 1.00-1.50 1.00-5.75 2.25-5.00 3.50-4.48 4.00-5.25 2009 1.00-1.30 1.00-1.50 1.00-2.50 2.25-3.25 3.75-4.48 4.00-5.00 2010 0.10-1.00 0.10-1.10 0.25-1.30 2.00-2.38 2.50-3.63 2.00-4.00 2011 0.75-1.00 1.00-1.10 1.00-1.75 1.75-3.00 2.50-3.75 2.75-4.00 2012 0.00-0.75 0.75-1.00 0.75-1.50 1.50-2.25 2.25-2.75 2.50-3.00 2013 0.00-0.75 0.50-1.00 0.50-1.50 0.75-2.75 1.70-3.00 2.25-3.55 2014 0.00-0.75 0.50-1.00 0.50-1.50 0.75-2.75 1.70-3.00 2.25-3.55 2015 0.00-0.75 0.75-1.00 0.75-1.50 1.25-2.85 1.70-3.00 2.25-3.55 2016 0.00-0.75 0.75-1.00 0.75-1.50 1.75-2.85 1.70-3.00 2.25-3.20 2017 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.25-3.20 2018

2017 0.00-0.75 0.75-1.00 0.75-1.50 1.75-2.85 1.70-4.00 2.25-3.55 Mar. 0.00-0.75 0.75-1.00 0.75-1.50 1.75-2.85 1.70-4.00 2.25-3.55 Jun. 0.00-0.75 0.75-1.00 0.75-1.50 1.75-2.85 1.70-3.00 2.25-3.55 Sep. 0.00-0.75 0.75-1.00 0.75-1.50 1.75-2.85 1.70-3.00 2.25-3.20 Dec.

2018 0.00-0.75 0.75-1.00 0.75-1.50 1.25-2.85 1.70-3.00 2.25-3.20 Mar. 0.00-0.75 0.75-1.00 0.75-1.50 1.50-2.85 1.70-3.00 2.25-3.20 Jun. 0.00-0.75 0.75-1.00 0.75-1.50 1.50-2.85 1.70-3.00 2.25-3.20 Sep. 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.25-3.20 Dec.

2019 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.50-3.20 Jan. 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.50-3.20 Feb. 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.50-3.20 Mar. 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.50-3.20 Apr. 0.00-0.75 0.75-2.10 0.75-1.50 1.50-2.85 1.70-3.00 2.50-4.50 May 0.00-0.75 0.75-2.10 0.75-1.50 1.50-2.85 1.70-3.00 2.50-4.50 Jun. 0.00-0.75 0.75-2.00 0.75-1.50 1.50-2.85 1.70-3.00 2.50-4.00 Jul. 0.00-0.75 0.75-2.00 0.75-1.50 1.50-2.85 1.70-3.00 2.50-4.00 Aug. 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.50-4.00 Sep. 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.50-3.20 Oct. 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.50-3.20 Nov. 0.00-0.75 0.75-1.50 0.75-1.50 1.50-2.85 1.70-3.00 2.50-3.20 Dec.

A24 Table 15 COMMERCIAL BANKS' ($ million)

Agriculture Mining Manufacturing Building Real Non-Bank Public End & & Estate Financial Enter- of Sugarcane Forestry Fisheries Others Quarrying Food, Textiles, Metal Others Const- (including Institu- prises Period Growing & Beverages Clothing Products ruction property tions Logging & Tobacco & Footwear & Machinery development)

2002 12.0 3.5 3.0 10.0 5.1 68.9 14.8 5.8 51.8 32.5 52.4 2.4 24.8 2003 9.3 2.1 5.6 7.7 4.6 84.8 24.1 5.3 59.7 41.2 71.5 0.6 44.0 2004 7.4 2.3 6.6 7.1 1.5 111.0 28.4 13.6 76.9 57.0 122.1 0.5 75.0 2005 4.7 1.9 11.1 7.5 2.2 97.2 25.6 8.3 84.6 93.1 167.2 1.5 80.1 2006 2.8 1.5 9.5 10.3 1.8 116.1 32.9 15.7 94.3 202.2 213.4 6.3 67.4 2007 2.3 11.0 9.5 9.6 1.9 109.7 31.3 14.8 113.3 180.6 245.6 7.6 65.3 2008 2.1 11.6 8.2 10.3 3.4 114.0 30.6 21.3 132.0 200.8 286.7 8.6 70.0 2009 1.5 9.7 6.3 10.9 4.3 116.1 31.6 22.7 125.9 216.8 286.3 2.2 80.6 2010 0.9 6.8 6.3 6.6 4.9 94.7 35.3 22.6 108.0 201.0 316.9 3.8 75.1 2011 0.6 10.2 7.1 8.5 5.2 85.3 34.4 23.4 117.3 192.7 350.7 3.4 61.6 2012 0.5 3.6 10.0 15.5 7.9 78.4 42.6 26.2 130.5 206.6 371.6 0.3 49.9 2013 0.3 3.0 14.5 20.8 8.1 76.7 59.1 30.0 170.6 259.3 429.4 2.9 94.8 2014 0.2 11.4 9.1 24.9 15.3 80.0 64.0 31.6 228.6 352.5 477.0 3.9 105.6 2015 0.2 37.9 16.6 25.2 16.3 60.4 79.4 37.8 229.5 481.4 632.1 6.2 70.5 2016 0.1 34.5 14.6 25.2 16.4 74.7 85.8 38.8 234.4 581.1 761.0 5.5 52.4 2017 0.1 29.9 9.9 22.6 24.3 130.6 84.4 34.1 213.2 668.1 909.8 5.2 65.1 2018 1.4 20.8 9.6 43.0 28.0 157.0 77.0 45.6 164.1 778.5 1,049.7 4.8 41.4

2017 Mar. 0.1 31.6 15.7 24.4 20.0 75.3 83.3 39.0 236.7 619.1 777.6 5.4 48.8 Jun. 0.1 32.7 12.8 23.6 21.5 98.6 82.2 37.6 247.0 638.5 807.3 5.3 50.1 Sep. 0.1 30.0 11.3 23.2 20.5 133.1 87.7 40.9 208.6 657.0 859.4 5.3 51.1 Dec. 0.1 29.9 9.9 22.6 24.3 130.6 84.4 34.1 213.2 668.1 909.8 5.2 65.1

2018 Mar. 0.2 25.1 11.9 22.6 26.2 157.3 80.6 38.3 221.9 687.4 925.6 5.4 61.5 Jun. 0.1 18.3 11.8 21.7 26.5 175.8 80.0 39.7 196.7 690.6 970.0 6.1 47.2 Sep. 0.1 18.8 11.8 41.5 26.0 156.5 76.6 42.9 200.8 713.4 1,009.7 5.5 41.9 Dec. 1.4 20.8 9.6 43.0 28.0 157.0 77.0 45.6 164.1 778.5 1,049.7 4.8 41.4

2019 Jan. 1.4 21.3 8.7 42.7 29.0 161.3 76.7 42.6 179.1 789.7 1,064.6 4.8 47.6 Feb. 1.4 22.2 10.0 42.9 28.9 156.9 77.0 42.2 165.0 778.8 1,072.1 4.9 48.9 Mar. 1.4 18.4 10.9 38.6 29.1 162.7 76.8 43.3 160.3 781.1 1,080.1 4.8 48.8 Apr. 1.3 22.0 9.2 39.2 27.9 177.1 75.8 41.5 165.6 782.9 1,083.9 4.8 47.1 May 1.3 21.7 8.9 38.6 27.3 165.5 76.1 40.6 161.6 789.1 1,090.6 4.8 47.3 Jun. 1.6 21.9 8.8 38.7 27.4 179.4 75.0 42.6 162.4 792.1 1,107.7 4.9 48.6 Jul. 1.6 17.8 8.6 38.3 28.3 161.9 75.3 40.9 166.8 783.2 1,106.6 5.0 47.7 Aug. 1.6 16.7 9.4 38.5 27.2 154.7 80.8 40.6 176.9 773.5 1,114.1 4.9 47.3 Sep. 1.6 16.8 9.2 38.1 27.8 154.7 81.5 40.6 172.7 771.2 1,133.3 4.9 52.0 Oct. 1.6 16.8 8.9 38.0 31.2 153.0 89.4 39.4 173.1 705.2 1,163.8 4.9 43.0 Nov. 1.5 17.8 9.8 39.7 29.1 162.6 89.9 41.0 175.7 690.1 1,194.2 5.0 43.0 Dec. 1.5 15.9 8.4 37.6 30.7 163.4 88.8 40.8 182.9 686.1 1,209.1 5.0 51.8

Source: Reserve Bank of Fiji

A25 LOANS AND ADVANCES1/

Wholesale, Retail, Transport Electricity, Professional Private Individuals Central Other Total Hotels & Restaurants & Storage Gas & & Business & Local Sectors End Hotels Other Water Services Housing Car, Motorcycles Others Government of & Commercial & Other Period Restaurants Advances Personal Transport

119.7 251.6 24.3 3.3 30.8 309.5 18.4 73.6 8.3 31.8 1,158.2 2002 136.6 278.4 30.0 2.3 32.8 350.3 23.1 83.0 8.8 56.8 1,362.7 2003 156.6 308.2 46.1 4.5 47.5 418.7 24.0 93.6 7.8 9.3 1,625.6 2004 190.8 322.8 61.2 28.0 64.9 530.6 24.1 106.4 7.0 38.3 1,959.1 2005 230.3 342.0 72.6 60.6 80.8 620.9 17.9 155.5 14.3 54.2 2,423.3 2006 254.7 334.8 73.9 61.1 99.0 635.4 13.4 138.6 7.9 54.0 2,475.4 2007 278.1 402.8 121.2 43.9 111.6 663.4 11.3 143.7 11.7 75.0 2,762.0 2008 281.8 419.1 120.4 49.2 101.0 673.5 9.2 141.9 20.4 55.5 2,787.0 2009 283.5 459.4 123.9 55.6 85.2 685.8 8.3 160.9 21.4 116.5 2,883.3 2010 254.0 534.3 152.9 125.2 79.8 686.7 7.9 166.2 24.3 186.3 3,118.0 2011 268.7 584.4 141.6 129.7 91.1 690.3 11.0 174.8 53.8 265.9 3,354.9 2012 268.9 667.8 152.9 179.8 96.8 766.1 34.1 247.0 16.2 257.6 3,856.8 2013 372.8 822.8 221.6 239.1 112.1 993.3 77.6 315.7 20.5 255.2 4,835.0 2014 422.3 798.4 245.3 229.1 127.5 1,134.0 104.6 395.5 16.2 313.6 5,479.8 2015 407.8 850.5 284.7 213.1 122.4 1,263.6 139.0 416.6 15.1 349.1 5,986.4 2016 429.1 936.7 287.1 204.7 134.5 1,421.0 136.5 364.9 13.7 363.0 6,488.5 2017 408.5 1,017.8 308.5 200.0 117.1 1,603.1 127.6 352.1 11.9 325.5 6,893.0 2018

2017 409.7 871.1 273.5 208.9 130.7 1,289.8 139.6 399.1 14.6 372.5 6,086.2 Mar. 398.9 853.2 293.5 210.7 131.7 1,327.8 137.2 379.3 14.5 385.0 6,189.0 Jun. 403.3 905.7 287.5 209.8 136.2 1,373.1 135.0 362.4 14.4 358.7 6,314.1 Sep. 429.1 936.7 287.1 204.7 134.5 1,421.0 136.5 364.9 13.7 363.0 6,488.5 Dec.

2018 422.8 953.7 287.8 215.5 125.5 1,467.2 137.2 356.2 12.8 342.2 6,584.9 Mar. 416.1 954.0 296.2 211.5 122.7 1,516.4 135.6 348.1 12.9 344.5 6,642.2 Jun. 405.8 1,013.1 301.1 203.8 122.7 1,569.4 131.7 345.2 12.6 333.1 6,784.2 Sep. 408.5 1,017.8 308.5 200.0 117.1 1,603.1 127.6 352.1 11.9 325.5 6,893.0 Dec.

2019 407.6 1,038.4 305.9 197.2 118.4 1,608.6 126.7 339.8 11.1 324.2 6,947.4 Jan. 409.8 1,042.2 305.3 194.6 118.1 1,613.0 127.9 337.8 11.1 341.4 6,952.4 Feb. 414.5 1,038.2 305.4 194.0 117.8 1,626.3 127.0 331.0 11.8 334.5 6,956.6 Mar. 406.8 1,038.6 304.1 200.1 116.0 1,630.2 125.3 326.7 11.2 321.6 6,958.8 Apr. 405.8 1,058.4 303.5 200.7 116.8 1,638.6 122.2 323.6 10.4 320.2 6,973.5 May 402.6 1,060.2 299.3 198.3 116.5 1,650.8 119.6 317.5 11.0 325.9 7,012.9 Jun. 394.4 1,052.7 295.8 195.2 112.3 1,656.8 118.1 314.9 10.5 317.4 6,949.9 Jul. 390.4 1,059.5 289.3 193.8 119.2 1,666.7 116.2 319.9 10.4 310.2 6,961.8 Aug. 390.3 1,048.0 290.3 192.1 116.4 1,676.1 113.5 320.3 10.6 306.4 6,968.3 Sep. 385.4 1,056.7 288.5 190.3 116.4 1,692.1 111.4 323.4 10.2 316.5 6,959.1 Oct. 384.1 1,061.0 287.2 188.6 120.0 1,703.2 109.4 323.6 10.2 316.5 7,003.3 Nov. 386.5 1,063.8 289.7 186.2 126.8 1,708.7 107.5 328.6 9.4 311.1 7,040.5 Dec.

A26 Table 16 CREDIT INSTITUTIONS' ($ million)

Balance due from: Loans and Advances Lease Finance End of Period Banks in Fiji Other Total Central Public Private Private Others Total Central Public Private Private Others Total Demand Term & Local Enterprises Sector Individuals & Local Enterprises Sector Individuals Govt. Business Govt. Business Entities Entities

2002 7.6 0.0 0.0 7.6 0.0 0.8 87.3 75.8 0.0 163.9 0.0 0.0 2.5 0.0 0.9 3.4 2003 9.2 1.0 0.0 10.2 1.5 0.5 93.5 104.6 0.0 200.1 1.0 0.0 2.1 0.0 0.0 3.1 2004 6.1 3.0 0.0 9.1 1.2 0.2 126.6 120.0 0.0 248.0 1.2 1.0 1.2 0.0 0.0 3.4 2005 6.9 4.0 0.0 10.9 0.7 0.1 169.6 142.3 0.0 312.7 0.8 0.6 0.4 0.0 0.0 1.8 2006 7.1 8.7 0.0 15.8 0.4 0.1 182.1 164.4 0.0 347.0 0.0 0.2 0.4 0.0 0.0 0.6 2007 14.5 9.0 0.0 23.5 0.2 0.1 174.4 129.0 0.0 303.7 0.0 0.0 0.2 0.0 0.0 0.3 2008 7.7 0.0 2.0 9.7 0.1 0.1 179.5 109.4 0.0 289.1 0.0 0.0 0.1 0.0 0.0 0.2 2009 32.2 0.0 0.0 32.2 0.1 0.1 177.2 115.3 0.0 292.7 0.0 0.0 0.1 0.0 0.0 0.1 2010 31.8 0.0 0.0 31.8 0.3 0.2 201.7 135.7 0.0 338.0 0.2 0.0 0.0 0.0 0.0 0.2 2011 26.4 16.0 0.0 42.4 0.4 0.5 224.3 132.0 0.0 357.2 0.2 0.0 0.0 0.0 0.0 0.2 2012 37.4 4.0 0.0 41.4 0.2 0.5 264.3 142.5 0.0 407.5 0.1 0.0 0.0 0.0 0.0 0.2 2013 37.4 12.0 0.0 49.4 0.1 0.7 296.6 137.7 0.0 435.1 0.1 0.0 0.0 0.0 0.0 0.1 2014 12.0 14.3 0.0 26.2 0.4 0.6 156.2 37.9 0.0 195.2 0.0 0.0 0.0 0.0 0.0 0.0 2015 26.2 8.3 4.6 39.0 0.4 0.4 197.9 63.4 0.0 262.1 0.0 0.0 0.0 0.0 0.0 0.0 2016 19.9 16.8 8.5 45.2 0.4 1.4 257.7 99.3 0.0 358.8 0.0 0.0 0.0 0.0 0.0 0.0 2017 44.9 26.3 4.5 75.7 0.3 1.1 291.9 140.2 0.0 433.5 0.0 0.0 0.0 0.0 0.0 0.0 2018 45.8 53.0 3.0 101.8 0.2 1.0 350.2 182.1 0.0 533.5 0.0 0.0 0.0 0.0 0.0 0.0

2017 ` Mar. 25.4 23.8 1.8 50.9 0.4 1.4 265.0 110.1 0.0 376.8 0.0 0.0 0.0 0.0 0.0 0.0 Jun. 26.8 36.8 2.3 65.9 0.4 1.3 272.9 116.4 0.0 391.0 0.0 0.0 0.0 0.0 0.0 0.0 Sep. 34.6 35.8 5.2 75.6 0.3 1.2 282.7 127.3 0.0 411.5 0.0 0.0 0.0 0.0 0.0 0.0 Dec. 44.9 26.3 4.5 75.7 0.3 1.1 291.9 140.2 0.0 433.5 0.0 0.0 0.0 0.0 0.0 0.0

2018 Mar. 31.0 42.5 3.2 76.6 0.2 1.2 305.6 152.6 0.0 459.6 0.0 0.0 0.0 0.0 0.0 0.0 Jun. 41.7 36.0 6.8 84.5 0.2 1.2 320.6 162.2 0.0 484.2 0.0 0.0 0.0 0.0 0.0 0.0 Sep. 34.3 53.5 3.9 91.8 0.2 1.1 340.0 173.5 0.0 514.7 0.0 0.0 0.0 0.0 0.0 0.0 Dec. 45.8 53.0 3.0 101.8 0.2 1.0 350.2 182.1 0.0 533.5 0.0 0.0 0.0 0.0 0.0 0.0

2019 Jan. 38.8 52.0 4.4 95.2 0.1 1.0 352.5 187.3 0.0 541.0 0.0 0.0 0.0 0.0 0.0 0.0 Feb. 31.9 49.5 7.1 88.6 0.1 1.1 358.9 190.5 0.0 550.6 0.0 0.0 0.0 0.0 0.0 0.0 Mar. 36.7 52.3 2.9 91.9 0.1 1.1 363.6 192.8 0.0 557.7 0.0 0.0 0.0 0.0 0.0 0.0 Apr. 40.4 50.5 4.6 95.6 0.1 1.1 368.3 195.4 0.0 564.9 0.0 0.0 0.0 0.0 0.0 0.0 May 45.0 50.0 2.9 98.0 0.1 1.1 372.1 197.6 0.0 570.9 0.0 0.0 0.0 0.0 0.0 0.0 Jun. 49.3 42.5 3.8 95.6 0.1 1.1 372.1 201.1 0.0 574.5 0.0 0.0 0.0 0.0 0.0 0.0 Jul. 48.0 42.0 10.3 100.3 0.1 1.1 374.0 205.7 0.0 581.0 0.0 0.0 0.0 0.0 0.0 0.0 Aug. 50.4 50.0 5.1 105.5 0.1 1.1 372.2 209.9 0.0 583.2 0.0 0.0 0.0 0.0 0.0 0.0 Sep. 45.9 52.3 4.8 102.9 0.1 1.1 378.0 211.8 0.0 591.0 0.0 0.0 0.0 0.0 0.0 0.0 Oct. 48.5 57.8 3.9 110.2 0.1 1.0 380.8 214.3 0.0 596.3 0.0 0.0 0.0 0.0 0.0 0.0 Nov. 51.5 61.8 0.6 113.8 0.1 1.0 383.3 219.1 0.0 603.5 0.0 0.0 0.0 0.0 0.0 0.0 Dec. 47.8 57.8 5.5 111.1 0.1 1.0 383.3 223.9 0.0 608.3 0.0 0.0 0.0 0.0 0.0 0.0

Note:

1/ Data available only from 2002 following re-classification in the LCIs returns.

Source: Reserve Bank of Fiji

A27 ASSETS1/

Investments Fixed Other Other Total Assets Properties Assets End of Fiji Govt. Securities Non-Bank Public RBF Other Foreign Equity Total Period Treasury Bonds Financial Enterprises Notes/ Domestic Securities Investment Bills Institutions Promissiory Bonds Securities Promissiory Notes & Notes & Bonds Bonds

0.0 8.8 7.3 0.0 0.0 1.5 0.0 0.1 17.6 4.4 3.1 5.2 205.2 2002 0.1 12.7 5.5 0.0 0.0 1.5 0.0 0.1 19.9 5.1 1.1 5.0 244.7 2003 0.0 15.3 3.5 0.0 0.0 1.5 0.0 0.1 20.4 5.2 0.0 7.2 293.2 2004 0.0 16.5 2.5 0.0 1.9 1.5 0.0 0.1 22.5 6.8 0.0 7.3 362.0 2005 1.3 16.1 2.5 0.0 0.0 0.0 0.0 0.1 20.0 10.4 0.0 7.4 401.2 2006 0.2 16.4 6.8 0.0 0.0 0.0 0.0 0.1 23.4 11.1 0.0 8.0 370.0 2007 0.0 21.2 6.4 0.0 0.0 0.0 0.0 0.1 27.7 12.2 0.0 9.2 348.1 2008 0.0 19.7 6.4 0.0 0.0 0.0 0.0 0.0 26.2 12.4 0.0 7.9 371.5 2009 0.4 23.8 3.6 0.0 0.0 0.0 0.0 0.0 27.9 14.5 0.0 5.6 417.9 2010 1.5 22.0 3.6 0.0 0.0 0.0 0.0 0.0 27.2 15.0 0.0 5.6 447.7 2011 0.0 27.0 3.9 0.0 0.0 0.0 0.0 0.0 30.9 16.6 2.6 6.4 502.9 2012 0.0 26.5 2.9 0.0 0.0 0.0 0.0 0.0 29.4 19.3 2.6 9.9 545.8 2013 0.0 10.7 0.8 0.0 0.0 0.0 0.0 0.0 11.4 17.3 0.5 3.4 254.0 2014 0.0 10.9 0.8 0.0 0.0 0.0 0.0 0.0 11.6 15.4 3.1 3.6 335.0 2015 0.0 11.3 0.5 0.0 0.0 0.0 0.0 0.3 12.1 21.2 0.0 5.5 442.7 2016 0.0 18.9 0.0 0.0 0.0 0.0 0.0 0.3 19.2 22.1 0.0 7.7 558.2 2017 6.2 17.4 0.0 0.0 0.0 0.0 0.0 0.2 23.9 26.4 0.0 7.5 693.0 2018

2017 0.0 11.6 0.5 0.0 0.0 0.0 0.0 0.3 12.4 21.4 0.0 7.0 468.5 Mar. 0.0 11.6 0.5 0.0 0.0 0.0 0.0 0.3 12.4 21.5 0.0 6.4 497.1 Jun. 0.0 13.8 0.5 0.0 0.0 0.0 0.0 0.3 14.6 22.2 0.0 6.4 530.2 Sep. 0.0 18.9 0.0 0.0 0.0 0.0 0.0 0.3 19.2 22.1 0.0 7.7 558.2 Dec.

2018 2.2 19.4 0.0 0.0 0.0 0.0 0.0 0.2 21.9 22.5 0.0 7.8 588.4 Mar. 6.1 21.7 0.0 0.0 0.0 0.0 0.0 0.2 28.1 23.6 0.0 7.8 628.2 Jun. 6.2 21.4 0.0 0.0 0.0 0.0 0.0 0.2 27.9 25.2 0.0 7.2 666.8 Sep. 6.2 17.4 0.0 0.0 0.0 0.0 0.0 0.2 23.9 26.4 0.0 7.5 693.0 Dec.

2019 2.3 17.4 0.0 0.0 0.0 0.0 0.0 0.2 19.9 26.3 0.0 8.7 691.1 Jan. 0.8 17.4 0.0 0.0 0.0 0.0 0.0 0.2 18.5 26.3 0.0 8.9 692.9 Feb. 0.0 17.4 0.0 0.0 0.0 0.0 0.0 0.2 17.6 26.4 0.0 9.0 702.6 Mar. 0.0 17.3 0.0 0.0 0.0 0.0 0.0 0.2 17.5 26.8 0.0 8.7 713.5 Apr. 0.0 17.3 0.0 0.0 0.0 0.0 0.0 0.2 17.5 27.3 0.0 8.6 722.3 May 0.0 17.3 0.0 0.0 0.0 0.0 0.0 0.2 17.5 27.7 0.0 9.0 724.3 Jun. 0.0 17.3 0.0 0.0 0.0 0.0 0.0 0.2 17.5 34.1 0.0 10.7 743.6 Jul. 0.0 17.5 0.0 0.0 0.0 0.0 0.0 0.2 17.7 33.9 0.0 10.4 750.8 Aug. 0.0 17.5 0.0 0.0 0.0 0.0 0.0 0.2 17.7 33.1 0.0 10.3 755.0 Sep. 0.0 17.5 0.0 0.0 0.0 0.0 0.0 0.2 17.7 33.4 0.0 10.7 768.3 Oct. 0.0 17.5 0.0 0.0 0.0 0.0 0.0 0.2 17.7 35.2 0.0 10.0 780.3 Nov. 0.0 19.6 0.0 0.0 0.0 0.0 0.0 0.2 19.8 35.3 0.0 10.3 784.8 Dec.

A28 Table 17 CREDIT INSTITUTIONS' LIABILITIES1/ ($ million)

Deposits Balance due to: Other Total Total2/ End Capital of & Reserves Period Central Non-Bank Public Private Sector Private Non- Total RBF Banks Credit Share- Others Total & Local Financial Enter- Business Individuals Residents in Fiji Institutions holders Govt. Institutions prises Entities in Fiji

2002 3.1 14.8 33.3 30.3 26.3 0.0 107.7 0.0 0.0 0.0 27.3 13.7 41.0 34.2 22.3 205.2 2003 1.1 30.9 39.1 29.1 29.3 0.0 129.4 0.0 0.0 0.0 45.1 7.3 52.4 37.4 25.5 244.7 2004 0.3 18.0 40.3 31.0 41.0 0.0 130.6 0.0 0.5 0.0 81.8 5.3 87.7 44.3 30.5 293.2 2005 0.9 23.7 44.7 34.1 48.4 0.0 151.7 0.0 0.0 0.0 93.9 5.6 99.6 69.9 40.8 362.0 2006 7.5 58.2 26.4 32.6 69.6 0.0 194.4 0.0 0.0 0.0 87.4 1.9 89.3 71.2 46.3 401.2 2007 6.9 63.4 11.2 68.0 74.5 0.0 224.0 0.0 0.0 0.0 53.5 1.8 55.3 38.5 52.2 370.0 2008 7.5 10.6 16.4 40.0 92.9 0.0 167.3 0.0 0.0 0.0 75.9 2.0 77.9 45.6 57.3 348.1 2009 6.0 17.0 18.6 49.0 102.5 0.0 193.0 0.0 0.0 0.0 63.9 1.5 65.5 46.6 66.4 371.5 2010 5.1 17.7 32.2 56.5 118.1 0.0 229.7 0.0 0.0 0.0 63.8 0.0 63.8 52.7 71.6 417.9 2011 2.4 14.3 36.6 104.4 115.8 0.0 273.6 5.3 0.0 0.0 44.1 0.4 49.8 47.1 77.2 447.7 2012 1.8 42.5 54.3 104.7 111.9 0.0 315.3 11.9 0.0 0.0 42.9 0.5 55.4 50.3 84.7 505.6 2013 2.1 60.2 57.2 126.2 103.5 7.2 356.4 14.5 0.0 0.0 28.9 0.3 43.8 46.5 99.1 545.8 2014 1.0 14.9 29.4 58.5 41.5 7.0 152.2 0.0 0.0 0.0 0.0 0.3 0.3 36.3 65.2 254.0 2015 0.4 34.0 39.8 77.3 57.3 5.8 214.5 0.0 10.5 0.0 0.0 0.6 11.1 37.8 71.5 335.0 2016 4.7 50.7 57.1 93.6 73.1 5.7 284.8 0.1 29.5 0.0 0.0 0.4 30.0 51.4 76.5 442.7 2017 9.2 62.7 59.0 116.4 108.6 7.8 363.8 0.1 37.8 0.0 0.0 0.3 38.1 69.2 87.0 558.2 2018 19.4 73.7 70.9 142.8 154.4 7.1 468.3 0.1 41.3 0.0 0.0 0.1 41.4 84.8 98.4 693.0

2017 Mar. 6.2 58.1 51.4 97.7 81.6 8.0 303.0 0.1 32.3 0.0 0.0 0.4 32.7 50.3 82.5 468.5 Jun. 7.7 55.2 53.3 106.1 89.9 8.9 321.2 0.1 34.3 0.0 0.0 0.3 34.7 60.1 81.1 497.1 Sep. 9.2 62.1 56.8 104.8 100.9 9.3 343.1 0.1 37.8 0.0 0.0 0.3 38.2 58.5 90.4 530.2 Dec. 9.2 62.7 59.0 116.4 108.6 7.8 363.8 0.1 37.8 0.0 0.0 0.3 38.1 69.2 87.0 558.2

2018 Mar. 10.7 68.6 55.5 120.4 125.6 7.9 388.8 0.1 37.8 0.0 0.0 0.1 37.9 63.0 98.7 588.4 Jun. 12.5 77.9 62.7 122.5 132.7 7.3 415.5 0.1 41.3 0.0 0.0 0.1 41.4 78.3 93.0 628.2 Sep. 16.1 76.1 66.2 129.2 148.4 7.1 443.1 0.1 41.3 0.0 0.0 0.1 41.4 80.7 101.5 666.8 Dec. 19.4 73.7 70.9 142.8 154.4 7.1 468.3 0.1 41.3 0.0 0.0 0.1 41.4 84.8 98.4 693.0

2019 Jan. 19.7 67.5 70.9 143.4 153.0 7.3 461.9 0.1 41.3 0.0 0.0 0.1 41.4 75.2 112.6 691.1 Feb. 19.6 63.9 72.8 144.2 154.2 7.3 462.0 0.1 41.3 0.0 0.0 0.1 41.4 76.2 113.3 692.9 Mar. 18.7 66.3 82.6 132.3 156.2 7.4 463.4 0.1 47.3 0.0 0.0 0.1 47.4 81.9 109.8 702.6 Apr. 18.5 69.1 80.8 132.5 158.5 7.4 466.9 0.1 51.3 0.0 0.0 0.1 51.4 85.4 109.9 713.6 May 15.8 66.5 82.4 138.8 158.4 7.4 469.4 0.1 54.0 0.0 0.0 0.1 54.1 89.4 109.4 722.3 Jun. 15.5 65.0 82.4 139.7 158.8 6.2 467.7 0.1 56.0 0.0 0.0 0.1 56.1 94.9 105.6 724.3 Jul. 14.1 71.3 81.8 135.7 165.0 6.0 473.9 0.1 60.0 0.0 0.0 0.1 60.1 88.1 121.5 743.6 Aug. 11.0 73.2 83.1 138.3 168.0 6.0 479.5 0.1 62.0 0.0 0.0 0.1 62.1 87.6 121.5 750.8 Sep. 9.8 72.5 86.8 140.0 170.3 5.1 484.6 0.1 62.0 0.0 0.0 0.1 62.1 91.9 116.4 755.0 Oct. 9.8 77.5 87.0 144.2 172.0 4.4 495.0 0.1 62.0 0.0 0.0 0.1 62.1 96.6 114.6 768.3 Nov. 6.9 79.4 92.1 139.8 174.9 4.4 497.5 0.1 66.0 0.0 0.0 0.1 66.1 102.0 114.7 780.3 Dec. 7.0 79.3 93.2 144.8 178.0 4.4 506.6 0.1 66.0 0.0 0.0 0.1 66.1 99.2 112.9 784.8

Note:

1/ Data available only from 2002 following re-classification in the Licensed Credit Institutions returns. 2/ Differences, if any, in total assets and liabilities are due to rounding off.

Source: Reserve Bank of Fiji

A29 Table 18 CREDIT INSTITUTIONS' DEPOSIT AND LENDING RATES1/

(Percent Per Annum)

End Time Lending Rates of Deposit Agriculture Manufacturing Building & Real Wholesale, Transport Non-Bank Professional Private Weighted Period Rate Construction Estate Retail, Hotels & Storage Financial & Business Individuals Average & Restaurants Institutions Services

2002 4.24 20.41 18.80 18.33 9.73 18.65 18.58 0.00 19.34 10.76 14.44 2003 3.75 20.19 18.30 18.54 9.17 18.83 19.00 0.00 19.55 10.57 13.89 2004 4.05 16.42 15.14 14.21 7.93 14.61 14.95 0.00 17.20 9.65 11.65 2005 4.06 17.45 15.97 14.12 7.10 14.21 14.45 0.00 16.82 9.63 11.28 2006 8.71 16.94 17.26 14.29 8.08 14.93 14.33 0.00 17.79 10.20 11.67 2007 5.23 16.51 13.11 14.15 12.37 13.65 15.15 0.00 11.54 11.93 13.04 2008 4.55 15.44 12.17 13.48 8.67 12.11 14.22 0.00 10.93 11.02 12.06 2009 6.99 14.95 12.89 12.93 10.77 12.00 14.30 0.00 11.23 11.11 12.23 2010 6.61 13.50 12.02 12.69 11.38 12.03 14.10 0.00 11.56 10.95 12.04 2011 5.19 12.70 11.03 12.07 11.38 11.51 13.42 0.00 11.28 11.08 11.77 2012 3.67 11.80 9.26 10.75 9.57 10.12 12.77 0.00 10.96 10.16 10.78 2013 3.37 9.08 7.74 9.06 6.98 7.92 9.78 10.00 9.09 8.41 8.75 2014 3.39 9.85 9.08 9.08 11.21 8.74 9.90 0.00 9.25 10.40 9.58 2015 3.80 9.65 8.31 8.48 9.26 8.33 9.80 0.00 8.87 13.48 10.24 2016 11.54 9.11 7.71 8.38 9.07 8.29 9.53 0.00 9.39 17.16 11.22 2017 4.43 8.96 8.04 8.41 9.23 8.02 9.23 0.00 8.99 19.30 12.19 2018 4.74 8.95 8.38 8.36 10.05 8.43 9.31 11.00 8.98 20.18 12.72

2017 Mar. 4.22 9.18 8.02 8.48 9.24 8.18 9.55 0.00 9.40 17.72 11.55 Jun. 4.35 9.11 8.00 8.52 9.16 8.14 9.50 0.00 9.38 18.20 11.73 Sep. 4.39 9.01 7.95 8.44 9.06 8.00 9.31 0.00 9.07 18.62 11.86 Dec. 4.43 8.96 8.04 8.41 9.23 8.02 9.23 0.00 8.99 19.30 12.19

2018 Mar. 4.46 8.96 8.17 8.28 9.34 8.21 9.21 0.00 8.96 19.71 12.42 Jun. 4.46 8.90 8.31 8.29 9.67 8.01 9.14 0.00 8.85 19.85 12.45 Sep. 4.60 8.92 8.40 8.35 9.72 8.04 9.22 0.00 8.77 19.94 12.54 Dec. 4.74 8.95 8.38 8.36 10.05 8.43 9.31 11.00 8.98 20.18 12.72

2019 Jan. 4.76 8.99 8.35 8.36 10.02 8.48 9.34 11.00 8.88 20.11 12.76 Feb. 4.77 9.04 8.30 8.34 10.29 8.43 9.35 11.00 9.05 20.10 12.74 Mar. 4.91 9.02 8.32 8.35 10.36 8.43 9.41 11.00 9.11 20.15 12.77 Apr. 4.99 8.99 8.31 8.39 10.37 8.44 9.47 11.00 9.10 20.18 12.81 May 5.06 9.02 8.37 8.62 10.53 8.60 9.48 11.00 9.08 20.13 12.85 Jun. 5.20 9.10 8.38 8.68 10.50 8.64 9.53 11.00 9.19 20.04 12.89 Jul. 5.28 8.83 8.33 8.71 10.38 8.66 9.56 11.00 9.26 19.96 12.93 Aug. 5.35 8.85 8.32 8.81 10.41 8.69 9.63 11.00 9.29 20.03 13.03 Sep. 5.39 8.92 8.40 8.98 10.43 8.80 9.68 11.00 9.21 20.13 13.12 Oct. 5.40 8.96 8.47 9.01 10.44 8.84 9.72 11.00 9.21 20.11 13.14 Nov. 5.37 8.96 8.49 9.05 10.11 8.89 9.75 11.00 9.42 20.28 13.28 Dec. 5.36 8.91 8.36 8.69 10.22 8.73 9.88 11.00 9.13 20.45 13.36

Note:

1/ Data available only from 2002 following re-classification in the Licensed Credit Institutions returns.

Source: Reserve Bank of Fiji A30 Table 19 CREDIT INSTITUTIONS' ($ million)

Agriculture Mining Manufacturing Building Real Non- Public End & & Estate Bank Enter- of Sugarcane Forestry Fisheries Others Quarrying Food, Textiles, Metal Others Const- (including Financial prises Period Growing & Beverages Clothing Products ruction property Institu- Logging & Tobacco & Footwear & Machinery development) tions

2002 0.3 3.6 2.0 1.4 1.5 0.6 1.1 0.6 4.7 5.1 9.3 0.0 0.8 2003 0.4 4.2 1.9 1.5 1.7 0.4 1.0 0.4 6.5 7.2 10.5 0.0 0.2 2004 0.4 4.8 2.1 1.9 2.9 0.7 1.0 0.5 7.7 10.7 14.5 0.0 0.2 2005 0.4 5.2 2.9 1.9 2.4 0.5 0.7 0.6 7.7 15.3 27.8 0.0 0.1 2006 0.3 7.2 1.3 2.0 2.8 0.4 0.5 1.0 8.8 17.4 44.4 0.0 0.1 2007 0.2 8.6 0.5 2.7 1.9 0.7 1.8 1.2 8.3 24.0 17.6 0.0 0.1 2008 0.1 8.9 0.5 2.9 2.4 1.0 1.5 1.5 9.6 23.7 12.9 0.0 0.1 2009 0.0 7.2 0.3 2.3 3.0 0.9 1.0 2.0 9.6 32.8 7.5 0.0 0.1 2010 0.0 11.3 1.5 3.8 2.3 0.9 1.4 1.1 16.0 35.7 7.4 0.0 0.2 2011 0.0 13.4 1.3 3.5 2.3 1.6 1.1 1.2 20.2 37.4 6.3 0.0 0.5 2012 0.0 13.1 1.3 4.6 4.6 0.9 1.4 1.8 24.6 42.9 7.5 0.0 0.5 2013 0.6 14.5 1.0 5.9 6.2 0.3 1.2 2.3 15.1 46.0 11.4 0.0 0.7 2014 0.6 7.1 0.6 4.1 1.3 0.2 0.8 1.7 7.5 28.1 0.8 0.0 0.6 2015 0.4 7.6 1.0 4.1 2.4 0.3 0.6 2.6 5.5 33.8 1.4 0.0 0.4 2016 0.4 8.3 1.8 7.3 3.0 0.5 4.9 2.8 6.3 52.8 1.3 0.0 1.4 2017 0.1 7.8 1.9 8.9 4.5 0.3 1.2 3.9 6.6 59.5 2.0 0.0 1.1 2018 0.2 7.5 1.6 11.6 6.5 0.6 3.0 4.9 8.1 66.9 2.8 0.0 1.0

2017 Mar. 0.0 8.2 1.9 7.3 3.0 0.4 1.0 3.3 6.5 57.0 1.4 0.0 1.4 Jun. 0.0 7.9 1.8 7.5 4.7 0.3 1.1 3.4 6.4 57.4 1.8 0.0 1.3 Sep. 0.0 7.7 2.2 8.4 4.5 0.3 1.1 3.8 6.5 57.9 1.8 0.0 1.2 Dec. 0.1 7.8 1.9 8.9 4.5 0.3 1.2 3.9 6.6 59.5 2.0 0.0 1.1

2018 Mar. 0.1 8.0 1.9 9.8 4.3 0.3 1.2 3.4 7.5 58.8 2.2 0.0 1.2 Jun. 0.2 8.7 1.8 9.7 5.2 0.4 1.4 3.8 7.5 62.9 2.4 0.0 1.2 Sep. 0.2 8.2 1.7 11.4 6.5 0.7 1.7 3.7 7.6 66.5 2.3 0.0 1.1 Dec. 0.2 7.5 1.6 11.6 6.5 0.6 3.0 4.9 8.1 66.9 2.8 0.0 1.0

2019 Jan. 0.2 7.6 1.1 11.9 6.5 0.7 3.0 4.8 8.3 67.2 2.8 14.9 1.0 Feb. 0.2 7.7 1.1 11.8 6.3 0.7 3.0 5.0 8.4 68.1 3.4 14.3 1.1 Mar. 0.2 8.3 1.0 12.0 6.4 0.8 3.0 4.6 8.3 69.5 3.6 14.0 1.1 Apr. 0.2 8.3 1.1 12.4 6.8 0.7 2.9 4.5 8.4 70.6 3.5 14.3 1.1 May 0.2 8.5 1.1 12.6 6.6 0.6 2.9 4.5 8.4 72.6 3.7 14.0 1.1 Jun. 0.2 8.7 1.1 12.7 6.5 0.6 2.9 4.6 8.1 71.6 3.8 13.8 1.1 Jul. 0.2 8.7 1.1 12.7 6.3 0.7 2.6 4.7 8.3 72.4 3.5 14.0 1.1 Aug. 0.2 8.3 1.0 13.3 6.5 0.8 2.6 4.9 8.3 73.4 2.9 12.8 1.1 Sep. 0.2 8.3 0.9 13.5 6.5 0.8 2.6 5.0 8.2 75.4 3.0 12.6 1.1 Oct. 0.2 8.7 0.8 13.9 6.4 0.9 2.5 4.9 8.2 74.5 2.9 12.3 1.0 Nov. 0.2 8.8 0.8 14.2 6.3 1.0 2.4 5.0 8.5 74.7 2.1 12.5 1.0 Dec. 0.2 8.7 0.9 14.2 6.2 0.9 2.5 5.0 8.2 74.3 2.2 11.8 1.0

Note:

1/ Data available only from 2002 following re-classification in the Licensed Credit Institutions returns.

Source: Reserve Bank of Fiji

A31 LOANS AND ADVANCES1/

Wholesale, Retail, Transport, Electricity, Professional Private Central Other Total End Hotels & Restaurants & Storage Gas & Water & Business Individuals & Local Sectors of Hotels Other Services Government Period & Commercial Restaurants Advances

1.1 7.1 31.7 0.0 6.3 75.1 0.0 3.8 156.1 2002 1.1 8.6 30.9 0.0 6.4 102.7 1.2 4.1 190.7 2003 1.0 10.9 35.7 0.0 6.4 130.7 1.0 4.0 237.1 2004 1.6 9.7 38.8 0.0 6.9 152.2 0.6 5.5 280.7 2005 2.8 9.3 45.5 0.0 7.1 160.2 0.4 9.2 320.7 2006 3.4 18.8 48.6 0.0 30.0 125.5 0.2 8.2 302.3 2007 2.9 24.3 48.8 0.4 26.6 109.6 0.1 11.1 288.9 2008 3.1 23.6 50.2 0.5 24.8 115.7 0.1 8.1 292.7 2009 4.4 22.9 52.4 0.9 25.4 135.7 0.3 14.4 338.0 2010 8.1 26.6 62.2 0.9 28.2 132.0 0.4 9.9 357.2 2011 19.5 30.8 75.4 0.9 23.5 142.5 0.2 11.5 407.4 2012 23.1 46.1 96.6 0.9 14.4 137.7 0.1 11.1 435.1 2013 4.1 18.2 64.9 0.4 7.5 37.9 0.4 8.5 195.2 2014 3.4 21.0 91.7 0.2 12.8 63.4 0.4 9.1 262.1 2015 4.4 29.4 106.4 0.1 20.3 99.3 0.4 7.6 358.8 2016 4.0 33.1 129.6 0.5 21.5 140.2 0.3 6.3 433.5 2017 4.7 42.1 153.7 0.7 28.0 182.1 0.2 7.3 533.5 2018

2017 4.2 30.2 112.3 0.2 21.2 110.1 0.4 6.8 376.8 Mar. 3.9 30.8 117.8 0.2 21.8 116.4 0.4 6.0 391.0 Jun. 3.9 31.3 124.8 0.5 21.6 127.3 0.3 6.4 411.5 Sep. 4.0 33.1 129.6 0.5 21.5 140.2 0.3 6.3 433.5 Dec.

2018 4.0 34.6 139.7 0.6 22.8 152.6 0.2 6.1 459.6 Mar. 4.5 39.5 142.1 0.7 24.1 162.2 0.2 5.7 484.2 Jun. 4.6 41.2 150.4 0.7 26.4 173.5 0.2 6.2 514.7 Sep. 4.7 42.1 153.7 0.7 28.0 182.1 0.2 7.3 533.5 Dec.

2019 4.9 42.9 154.1 0.7 28.4 187.3 0.1 7.1 555.9 Jan. 5.6 43.6 155.2 0.7 29.0 190.5 0.1 8.9 564.9 Feb. 6.2 43.1 157.3 0.6 29.6 192.8 0.1 9.1 571.7 Mar. 6.2 42.8 157.8 0.6 31.6 195.4 0.1 9.8 579.2 Apr. 7.5 42.8 157.1 0.6 31.6 197.6 0.1 10.7 584.9 May 7.5 43.1 157.9 0.6 31.9 201.1 0.1 10.4 588.3 Jun. 7.5 43.6 159.5 0.5 32.0 205.7 0.1 9.7 595.0 Jul. 7.2 43.3 158.1 0.6 32.8 208.7 0.1 9.4 596.1 Aug. 10.2 42.8 157.9 0.6 32.8 211.8 0.1 9.7 603.6 Sep. 10.2 43.8 158.5 0.5 33.5 214.3 0.1 10.4 608.6 Oct. 10.8 43.2 159.5 0.6 34.6 219.1 0.1 10.6 616.0 Nov. 10.7 42.9 160.8 0.6 34.6 223.9 0.1 10.7 620.2 Dec.

A32 Table 20 MONEY AND CAPITAL MARKET INTEREST RATES AND YIELDS

(Percent Per Annum)

Money Market Capital Market End of Inter-bank RBF RBF RBF TB's TB's PN's Government Statutory Bodies Period Rate1/ Minimum Note Note 14 Day 91 Day 91 Day Bonds1/ Bonds1/ Lending 91 Day 14 Day Rate1/ Rate1/ Rate1/ Rate2/ Rate Rate 5 yrs 10 yrs 15 yrs 5 yrs 10 yrs 15 yrs

2000 1.01 8.00 2.30 n.i.. n.i. 2.53 n.i. 5.78 6.89 7.33 5.77 n.i. n.i. 2001 1.00 1.75 1.25 n.i.. n.i. 1.68 n.i. 4.57 5.91 6.29 4.58 n.i. n.i. 2002 0.80 1.75 1.25 n.i.. n.i. 1.49 n.i. 4.13 5.83 6.18 4.12 5.82 n.i. 2003 n.t. 1.75 1.19 n.i.. n.i. 1.19 1.23 2.80 4.72 5.54 3.12 4.76 n.i. 2004 0.81 2.25 1.75 n.i.. n.i. 1.78 n.i. 2.61 5.03 5.94 2.65 n.i. n.i. 2005 4.24 3.75 3.25 n.i.. n.i. 3.94 1.23 5.00 6.74 7.75 n.i. n.i. n.i. 2006 5.25 5.25 4.25 n.i.. n.i. 9.42 8.75 n.i. n.i. n.i. n.i. n.i. n.i. 2007 n.t. 5.75 n.i.. n.i.. n.i. 0.08 n.i.. 5.80 6.60 6.88 n.i. n.i. n.i. 2008 1.04 6.32 n.i.. n.i.. n.i. n.i n.i.. n.i. 7.67 8.15 n.i. n.i. n.i. 2009 2.17 3.00 n.i.. n.i.. n.i. 3.00 n.i.. n.i. n.i. 7.00 6.25 6.00 n.i. 2010 n.t. 3.00 n.i.. n.i 2.84 2.84 n.i.. n.i. n.i. 8.99 8.99 n.i. n.i. 2011 n.t. 1.00 n.i. n.i. 0.50 n.i. n.i. n.i. n.i. 6.59 n.i.. n.i. n.i. 2012 n.t. 1.00 n.i.. n.i. n.i. 0.28 n.i.. 4.00 5.74 6.31 3.78 n.i. n.i. 2013 n.t. 1.00 n.i.. n.i. n.i. n.i. n.i. n.i. 4.46 4.71 2.90 n.i. n.i. 2014 n.t 1.00 n.i. n.i. n.i. 2.47 n.i. n.i. 4.94 5.14 n.i. n.i. n.i. 2015 n.t. 1.00 n.i n.i n.i 1.00 n.i n.i n.i n.i n.i n.i n.i 2016 n.t 1.00 n.i n.i n.i 1.37 n.i n.i 6.45 7.00 n.i n.i n.i 2017 1.00 1.00 n.i n.i n.i n.i n.i n.i 6.00 n.i 4.60 n.i n.i 2018 1.00 1.00 n.i n.i n.i 1.45 n.i n.i n.i 6.50 5.00 n.i n.i

2017 Mar. n.t 1.00 n.i n.i 0.50 1.36 n.i n.i 6.60 7.07 n.i n.i n.i Jun. n.t 1.00 n.i n.i 0.50 1.35 n.i n.i 5.98 6.50 n.i n.i n.i Sep. n.t 1.00 n.i n.i n.i n.i n.i n.i n.i 6.50 n.i n.i n.i Dec. 1.00 1.00 n.i n.i n.i n.i n.i n.i 6.00 n.i 4.60 n.i n.i

2018 Mar. n.t 1.00 n.i n.i 0.40 1.35 n.i n.i 6.00 6.50 4.60 n.i n.i Jun. n.t 1.00 n.i n.i 0.42 1.41 n.i n.i n.i 6.50 n.i n.i n.i Sep. 1.00 1.00 n.i n.i 0.45 1.45 n.i n.i n.i n.i n.i n.i n.i Dec. 1.00 1.00 n.i n.i n.i 1.45 n.i n.i n.i 6.50 5.00 n.i n.i

2019 Jan. 1.00 1.00 n.i n.i 1.00 n.i n.i n.i 6.00 6.50 n.i n.i n.i Feb. 1.00 1.00 n.i n.i 1.00 n.i n.i n.i n.i 6.50 6.00 n.i n.i Mar. 1.00 1.00 n.i n.i 1.20 n.i n.i n.i n.i 6.50 n.i n.i n.i Apr. 1.00 1.00 n.i n.i 1.20 2.35 n.i n.i n.i 6.50 n.i n.i n.i May 1.22 1.00 n.i n.i 1.35 2.70 n.i n.i n.i n.i 7.00 n.i n.i Jun. 1.20 1.00 n.i n.i 1.38 2.75 n.i n.i n.i n.i n.i n.i n.i Jul. 1.00 1.00 n.i n.i 1.38 2.70 n.i n.i n.i 6.50 n.i n.i n.i Aug. n.t 1.00 n.i n.i n.i n.i n.i n.i n.i n.i n.i n.i n.i Sep. n.t 1.00 n.i n.i n.i 2.62 n.i n.i 6.00 6.50 n.i n.i n.i Oct. 1.00 1.00 n.i n.i n.i 2.63 n.i n.i n.i n.i n.i n.i n.i Nov. 1.00 1.00 n.i n.i n.i n.i n.i n.i n.i n.i n.i n.i n.i Dec. 0.82 1.00 n.i n.i n.i 2.25 n.i n.i n.i 6.50 n.i n.i n.i

Note: n.i.- no issue n.t. - no trade 1/ Represents monthly weighted average rate.

2/ Prior to October 2006, Minimum Lending Rate (MLR) = Repurchase Facility Rate (Policy Indicator Rate + 100 basis points). From October 2006, MLR = Policy Indicator Rate + 100 basis points and Repurchase Facility Rate = latest weighted average overnight interbank rate + 100 basis points. From October 2007, MLR = Repurchase Facility Rate (latest weighted average overnight interbank rate + 5 percentage points). From January 2009, MLR = Repurchase Facility Rate (latest weighted average overnight interbank rate + 2 percentage points).

Source: Reserve Bank of Fiji

A33 Table 21 FIJI DEVELOPMENT BANK LOANS ($ million)

End Agriculture Real Private Manuf- Building & Wholesale, Transport Professional Others1/ Total2/ of Estate Individuals acturing Construc- Retail, Hotels & Storage Business Period tion & Restaurant Services

2004 29.5 75.7 14.6 40.9 13.0 64.3 20.7 5.4 1.2 265.3 2005 36.2 99.6 36.3 40.9 40.9 66.6 22.8 8.5 27.0 378.7 2006 37.6 119.7 58.1 19.9 70.6 54.1 26.9 8.7 28.2 423.9 2007 39.5 133.6 62.0 26.8 81.2 61.7 29.2 10.1 28.9 472.9 2008 43.6 118.6 63.6 39.6 60.9 45.3 24.5 9.8 25.8 431.7 2009 49.2 123.6 60.0 41.3 62.6 44.7 25.0 10.3 23.0 439.5 2010 50.2 112.3 53.3 47.2 68.2 35.7 19.6 22.7 19.6 428.7 2011 44.1 76.8 40.5 56.9 70.4 17.3 12.9 22.6 16.2 357.6 2012 45.3 69.3 34.7 71.3 44.9 23.7 9.0 23.3 14.2 335.7 2013 48.4 72.4 29.5 74.8 50.2 20.9 16.5 23.6 11.0 347.3 2014 49.2 84.4 26.3 61.8 63.2 24.2 25.1 21.9 8.9 365.0 2015 57.7 85.6 22.9 51.6 71.3 20.5 30.3 20.0 5.8 365.7 2016 67.9 78.4 19.5 46.2 97.1 24.3 35.2 19.4 5.9 393.8 2017 84.7 58.8 14.9 56.8 135.4 40.7 46.1 19.3 9.2 465.8 2018 103.4 66.4 17.4 52.1 156.0 52.0 36.8 18.8 10.7 513.6

2017 Mar. 71.4 78.3 19.5 46.7 102.4 31.3 35.3 19.1 5.7 409.8 June. 76.8 75.4 19.2 55.3 114.6 36.4 35.9 19.1 5.4 438.1 Sep. 79.2 74.2 16.6 55.4 126.4 36.6 35.9 19.2 7.2 450.8 Dec. 84.7 58.8 14.9 56.8 135.4 40.7 46.1 19.3 9.2 465.8

2018 Mar. 88.9 58.8 14.5 54.9 145.1 52.6 37.4 19.3 9.7 481.3 June. 102.4 58.9 14.1 53.0 143.7 50.0 36.2 19.1 9.6 487.1 Sept. 105.2 60.1 13.7 51.8 146.9 51.2 35.8 18.9 9.6 493.3 Dec. 103.4 66.4 17.4 52.1 156.0 52.0 36.8 18.8 10.7 513.6

2019 Jan. 103.4 66.3 17.7 52.3 152.7 59.7 36.5 18.9 10.9 518.3 Feb. 102.0 66.5 18.0 51.7 152.8 59.7 36.3 21.3 10.7 519.0 Mar. 103.2 66.6 18.2 51.8 159.7 59.7 36.6 21.1 10.7 527.5 Apr. 104.5 66.7 18.3 51.3 159.1 62.3 36.5 20.9 10.6 530.2 May. 105.5 66.9 18.8 50.4 162.4 63.9 36.1 20.7 10.8 535.5 June. 107.1 67.6 19.4 49.7 164.0 63.1 38.0 20.2 10.7 539.8 July. 112.6 70.2 19.2 48.8 160.4 63.3 37.6 17.2 11.4 540.8 Aug. 113.1 70.9 19.1 49.1 160.7 73.4 37.5 16.9 10.9 551.6 Sep. 112.9 71.2 18.6 48.0 162.8 73.5 37.5 16.6 11.1 552.2 Oct. 112.2 74.2 18.7 49.0 159.5 74.2 37.0 16.3 10.9 552.0 Nov. 111.7 75.0 18.6 41.2 158.6 73.2 36.4 16.1 19.2 550.0

Note:

1/ Others include mining & quarrying, non-bank financial institutions, public enterprises, central & local government and the previously categorised Financial Institutions. 2/ Total figures have been revised to exclude lease finance.

Source: Fiji Development Bank

A34 Table 22 FIJI NATIONAL PROVIDENT FUND INVESTMENTS1/

($ million)

Bank Deposits Securities Equity Properties Loans

Non-Bank Other End of Other Fiji Foreign Other Term RBF Financial Statutor Domestic Domestic Foreign Mortgage Other Total Period Deposits Government Securities Loans Institutions y Bodies Securities Loans

2006 263.1 22.6 0.0 1,702.9 296.84 59.5 172.9 0.0 427.7 70.3 84.5 95.5 64.6 0.0 3,260.5 2007 224.0 272.1 0.0 1,615.7 280.78 91.5 102.1 0.0 377.7 73.7 82.7 188.4 55.4 0.0 3,364.1 2008 245.9 65.3 0.0 1,774.1 233.61 107.5 124.3 49.0 478.7 11.6 82.0 386.0 47.9 0.0 3,605.8 2009 223.1 21.6 0.0 1,850.3 248.13 117.3 199.7 14.7 429.8 20.6 86.2 514.7 37.9 0.0 3,764.1 2010 166.2 35.8 0.0 2,107.9 243.80 122.0 182.2 16.1 310.0 21.1 85.4 530.1 28.4 0.0 3,849.0 2011 183.0 310.8 0.0 2,053.7 144.90 105.3 78.5 59.6 323.2 67.5 139.4 522.2 15.7 0.0 4,003.7 2012 266.3 286.3 0.0 2,054.4 128.96 87.3 67.7 109.7 342.8 80.7 145.4 573.1 12.6 0.0 4,155.3 2013 279.3 477.0 0.0 2,075.6 80.22 77.3 61.8 233.9 347.7 95.8 176.5 534.3 10.5 0.0 4,450.0 2014 600.1 417.4 0.0 2,035.2 84.92 57.3 57.1 162.5 549.2 94.8 205.3 461.1 41.4 0.0 4,766.4 2015 549.8 467.2 0.0 2,096.4 95.50 59.3 29.4 210.6 723.9 101.7 214.3 486.8 74.4 0.0 5,109.3 2016 381.5 413.2 0.0 2,345.2 83.01 59.3 13.1 258.1 804.9 128.5 246.5 567.9 71.2 0.0 5,372.4 2017 414.4 615.0 0.0 2,547.2 87.78 59.3 5.6 260.4 914.4 222.4 236.3 575.6 65.4 0.0 6,003.8 2018 576.0 481.3 0.0 2,810.8 86.10 59.3 1.1 27.5 1,347.3 339.1 334.2 721.5 108.3 0.0 6,892.5 2019 437.8 372.3 0.0 3,060.9 101.80 30.3 0.0 77.5 1,818.3 409.7 398.7 878.6 116.9 0.0 7,702.6

2017 Mar. 353.0 526.5 0.0 2,371.2 86.0 59.3 11.7 214.0 806.2 180.2 248.8 573.1 69.9 0.0 5,499.9 Jun. 460.9 531.1 0.0 2,397.1 94.9 59.3 10.0 217.7 896.8 182.9 229.3 578.5 68.1 0.0 5,726.8 Sep. 351.9 649.2 0.0 2,482.6 96.1 59.3 6.7 192.9 904.6 220.0 232.8 576.5 66.7 0.0 5,839.3 Dec. 414.4 615.0 0.0 2,547.2 87.8 59.3 5.6 260.4 914.4 222.4 236.3 575.6 65.4 0.0 6,003.8

2018 Mar. 554.4 396.7 0.0 2,622.2 90.7 59.3 4.5 263.7 924.1 277.6 240.0 601.5 64.0 0.0 6,098.6 Jun. 577.4 400.6 0.0 2,686.6 84.8 59.3 3.4 66.0 1,094.6 294.3 248.6 718.0 87.7 0.0 6,321.3 Sep. 599.5 416.2 0.0 2,751.4 77.8 59.3 2.3 3.5 1,279.3 338.4 327.3 705.9 110.4 0.0 6,671.3 Dec. 576.0 481.3 0.0 2,810.8 86.1 59.3 1.1 27.5 1,347.3 339.1 334.2 721.5 108.3 0.0 6,892.5

2019 Mar. 526.0 330.9 0.0 2,995.8 94.1 30.3 0.0 57.4 1,361.9 347.7 363.5 832.0 106.9 0.0 7,046.5 Jun. 431.0 412.7 0.0 3,060.9 114.1 30.3 0.0 40.5 1,428.5 400.2 363.7 846.4 119.9 0.0 7,248.3 Sep. 434.8 502.9 0.0 3,100.2 98.3 15.3 0.0 39.7 1,541.8 418.1 390.2 844.6 118.3 0.0 7,504.2 Dec. 437.8 372.3 0.0 3,060.9 101.8 30.3 0.0 77.5 1,818.3 409.7 398.7 878.6 116.9 0.0 7,702.6

Note: 1/ Differences from previously published tables are due to revisions and amendments.

Source: Fiji National Provident Fund

A35 Table 23 EXCHANGE RATES (Middle Market Rate Per Fiji Dollar)

End Nominal Real of Effective Effective US$ STG A$ NZ$ Yen Euro1/ Period Exchange Exchange Rate Rate

2000 0.4575 0.3065 0.8261 1.0383 52.32 0.4923 101.01 97.38 2001 0.4331 0.2986 0.8467 1.0416 56.79 0.4901 101.10 97.55 2002 0.4843 0.3020 0.8575 0.9218 57.42 0.4621 100.99 96.75 2003 0.5807 0.3266 0.7752 0.8876 62.18 0.4627 101.77 99.67 2004 0.6079 0.3159 0.7799 0.8465 62.61 0.4458 101.83 100.43 2005 0.5731 0.3324 0.7827 0.8409 67.53 0.4837 101.50 100.31 2006 0.6009 0.3062 0.7605 0.8521 71.45 0.4570 101.57 105.87 2007 0.6447 0.3232 0.7351 0.8315 72.50 0.4379 101.64 108.00 2008 0.5669 0.3932 0.8201 0.9818 51.19 0.4029 103.32 107.45 2009 0.5185 0.3226 0.5796 0.7184 47.91 0.3615 83.79 91.65 2010 0.5496 0.3564 0.5411 0.7128 44.84 0.4132 86.09 94.26 2011 0.5493 0.3568 0.5421 0.7126 42.68 0.4244 84.02 99.27 2012 0.5595 0.3461 0.5398 0.6825 48.04 0.4233 84.45 100.02 2013 0.5269 0.3190 0.5912 0.6422 55.38 0.3818 83.90 98.51 2014 0.5031 0.3231 0.6144 0.6424 60.10 0.4136 84.96 96.92 2015 0.4701 0.3170 0.6456 0.6876 56.69 0.4307 84.98 99.86 2016 0.4695 0.3834 0.6517 0.6755 54.73 0.4475 85.15 102.31 2017 0.4874 0.3625 0.6254 0.6880 55.02 0.4077 83.93 102.02 2018 0.4669 0.3357 0.6617 0.6955 51.54 0.4080 84.70 106.23

2017 Mar. 0.4807 0.3855 0.6284 0.6864 53.78 0.4500 85.20 101.99 Jun. 0.4864 0.3762 0.6365 0.6655 54.61 0.4274 85.22 102.34 Sep. 0.4906 0.3651 0.6245 0.6778 55.14 0.4164 84.13 102.69 Dec. 0.4874 0.3625 0.6254 0.6880 55.02 0.4077 83.93 102.02

2018 Mar. 0.4885 0.3469 0.6376 0.6775 52.21 0.3969 84.06 101.42 Jun. 0.4741 0.3615 0.6459 0.6976 52.26 0.4102 84.79 105.05 Sep. 0.4682 0.3580 0.6497 0.7081 53.09 0.4021 84.63 106.26 Dec. 0.4669 0.3357 0.6617 0.6955 51.54 0.4080 84.70 106.23

2019 Jan. 0.4740 0.3615 0.6533 0.6872 51.65 0.4127 84.66 108.08 Feb. 0.4700 0.3533 0.6584 0.6872 52.19 0.4134 84.68 105.60 Mar. 0.4679 0.3584 0.6611 0.6893 51.76 0.4168 84.69 105.15 Apr. 0.4655 0.3599 0.6597 0.6981 51.98 0.4163 84.65 104.35 May 0.4607 0.3653 0.6666 0.7080 50.49 0.4139 86.82 104.13 Jun. 0.4665 0.3682 0.6656 0.6962 50.28 0.4103 84.42 105.41 Jul. 0.4619 0.3802 0.6719 0.6982 50.18 0.4141 84.46 103.75 Aug. 0.4545 0.3731 0.6754 0.7202 48.41 0.4110 84.37 105.08 Sep. 0.4542 0.3691 0.6718 0.7223 49.04 0.4150 84.34 104.21 Oct. 0.4586 0.3555 0.6647 0.7188 49.93 0.4114 84.34 102.50 Nov. 0.4564 0.3537 0.6735 0.7106 50.00 0.4149 84.36 102.10 Dec. 0.4663 0.3554 0.6660 0.6928 50.76 0.4163 84.41 102.65

Note:

1/ The Euro currency was introduced on 1 January 1999.

Source: Reserve Bank of Fiji

A36 KEY DISCLOSURE STATEMENT: AUSTRALIA & Table 24 NEW ZEALAND BANKING GROUP LIMITED

Annual balance date 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep Banking group in Fiji: End of period covered by disclosure statement 30-Sep-18 30-Sep-17 30-Sep-16 30-Sep-15 30-Sep-14 Number of months covered by disclosure statement 12 12 12 12 12 Overseas banking group: End of period covered by disclosure statement 30-Sep-18 30-Sep-17 30-Sep-16 30-Sep-15 30-Sep-14 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Banking group in Fiji: Net profit after tax and extraordinary items (F$m) 71.602 69.133 60.689 64.387 40.247 As a % of average total assets 2.39 2.38 2.12 2.37 1.73 Overseas banking group: Net profit after tax and extraordinary items (F$m equivalent) 9,887.79 10,266.93 8,937.28 11,448 12,346.89 As a % of average total assets 0.68 0.72 0.64 0.86 0.98

Capital adequacy Banking group in Fiji: Tier 1 capital (F$m) 309.85 272.79 251.56 239.49 215.12 As a % of total risk-weighted exposures 13.95 12.32 13.89 13.07 10.92 Total capital (F$m) 325.37 292.87 270.90 262.12 238.64 As a % of total risk-weighted exposures 14.65 13.23 14.96 14.30 12.11 Overseas banking group: Tier 1 capital (F$m equivalent) 80,473.94 78,867.13 75,443.46 69,494.40 65,548.36 As a % of total risk-weighted exposures 13.40 12.61 11.80 11.30 10.70 Total capital (F$m equivalent) 91,710.21 92,728.51 91,580.56 81,642.63 77,669.40 As a % of total risk-weighted exposures 15.20 14.83 14.30 13.30 12.70

Size Banking group in Fiji: Total assets (F$m) 2,914.720 3,072.238 2,726.374 2,997.810 2,443.170 % change in total assets over last 12 months -5.13 11.74 -9.05 22.70 11.06 Overseas banking group: Total assets (F$m equivalent) 1,452,692 1,434,789 1,429,448 1,359,666 1,311,089 % change in total assets over last 12 months 1.25 0.37 5.13 3.71 7.65

Asset quality Banking group in Fiji: Impaired assets (on and off-balance sheet) (F$m) 1.683 3.126 4.515 4.933 12.021 As a % of total assets 0.06 0.10 0.17 0.16 0.49 Individually assessed provisions (F$m) 1.184 2.047 1.308 0.684 1.934 Collectively assessed provisions (F$m) 12.282 7.376 3.774 2.381 3.086 Total provisions as a % of impaired assets 800.12 301.48 112.56 62.13 41.76 General reserves for credit losses (F$m) 18.66 24.36 23.62 27.72 28.94 Overseas banking group: Impaired assets (F$m equivalent) 31,023 38,119 49,577 4,154 4,906 As a % of total assets 0.21 0.27 0.35 0.31 0.37 Individually assessed provisions (F$m) 1,418 1,816 2,042 1,621 1,997 Collectively assessed provisions (F$m) 3,888 4,256 4,494 4,516 4,682 Total provisions as a % of impaired assets 171.04 159.31 131.83 147.74 40.71 General reserves for credit losses (F$m) - - - - -

A37 KEY DISCLOSURE STATEMENT: Table 25 WESTPAC BANKING CORPORATION

Annual balance date 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep Banking group in Fiji: End of period covered by disclosure statement 30-Sep-18 30-Sep-17 30-Sep-16 30-Sep-15 30-Sep-14 Number of months covered by disclosure statement 12 12 12 12 12 Overseas banking group: End of period covered by disclosure statement 30-Sep-18 30-Sep-17 30-Sep-16 30-Sep-15 30-Sep-14 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Banking group in Fiji: Net profit after tax and extraordinary items (F$m) 52.067 43.584 49.323 47.446 47.161 As a % of average total assets 2.31 2.02 2.48 2.62 2.91 Overseas banking group: Net profit after tax and extraordinary items (F$m equivalent) 12,466 12,824 11,665 12,232 12,800 As a % of average total assets 0.92 0.96 0.91 0.96 1.02

Capital adequacy Banking group in Fiji: Tier 1 capital (F$m) 267.02 233.50 215.60 184.13 149.34 As a % of total risk-weighted exposures 17.37 15.14 15.14 13.68 12.60 Total capital (F$m) 333.58 248.06 229.10 195.72 158.20 As a % of total risk-weighted exposures 21.70 16.08 16.08 14.54 13.35 Overseas banking group: Tier 1 capital (F$m equivalent) 83,704.78 82,063.82 71,594.97 62,287.02 59,246.66 As a % of total risk-weighted exposures 12.78 12.66 11.20 11.40 10.60 Total capital (F$m equivalent) 96,529.17 96,071.19 84,078.19 72,571.00 68,903.00 As a % of total risk-weighted exposures 14.74 14.82 13.10 13.30 12.30

Size Banking group in Fiji: Total assets (F$m) 2,240.857 2,275.559 2,032.300 1,939.520 1,685.860 % change in total assets over last 12 months -1.52 11.97 4.78 15.05 8.37 Overseas banking group: Total assets (F$m equivalent) 1,353,843 1,366,060 1,312,278 1,239,933 1,304,964 % change in total assets over last 12 months -0.89 4.10 5.83 -4.98 8.24

Asset quality Banking group in Fiji: Impaired assets (on and off-balance sheet) (F$m) 12 15 15 16 12 As a % of total assets 1 1 1 1 1 Individually assessed provisions (F$m) 2 2 2 2 2 Collectively assessed provisions (F$m) 9 10 10 14 12 Total provisions as a % of impaired assets 96 83 81 99 117 General reserves for credit losses (F$m) 18 18 17 14 11 Overseas banking group: Impaired assets (F$m equivalent) 2,179 2,473 3,377 2,893 3,961 As a % of total assets 0 0 0 0 0 Individually assessed provisions (F$m) 0.65 0.77 1,358 1,021 1,468 Collectively assessed provisions (F$m) 4,050 4,232 4,274 4,066 4,425 Total provisions as a % of impaired assets 215 202 167 176 149 General reserves for credit losses (F$m) - -

A38 KEY DISCLOSURE STATEMENT: Table 26 BANK OF BARODA

Annual balance date 31-Mar 31-Mar 31-Mar 31-Mar 31-Mar Banking group in Fiji: End of period covered by disclosure statement 31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 Number of months covered by disclosure statement 12 12 12 12 12 Overseas banking group: End of period covered by disclosure statement 31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Banking group in Fiji: Net profit after tax and extraordinary items (F$m) 8.770 5.796 8.878 8.938 8.231 As a % of average total assets 1.17 0.78 1.24 1.32 1.26 Overseas banking group: Net profit after tax and extraordinary items (F$m equivalent) 340 -593 582 -1690 1123 As a % of average total assets 0.14 -0.25 0.26 -0.76 0.51

Capital adequacy Banking group in Fiji: Tier 1 capital (F$m) 61.31 59.90 63.05 54.17 45.23 As a % of total risk-weighted exposures 17.80 20.02 21.26 18.24 15.28 Total capital (F$m) 63.59 62.04 65.48 56.55 47.69 As a % of total risk-weighted exposures 18.46 20.74 22.09 19.04 16.11 Overseas banking group: Tier 1 capital (F$m equivalent) 16,843.65 14,872.81 14,063.91 13,997.06 13,546.08 As a % of total risk-weighted exposures 12.72 11.27 9.93 10.79 10.35 Total capital (F$m equivalent) 19,230.10 16,981.96 13,890.08 16,903.86 17,098.89 As a % of total risk-weighted exposures 14.52 12.87 12.80 13.63 13.07

Size Banking group in Fiji: Total assets (F$m) 756.823 739.552 741.455 689.575 669.499 % change in total assets over last 12 months 2.34 -0.26 7.52 3.00 4.79 Overseas banking group: Total assets (F$m equivalent) 253,317 234,878 231,716 210,320 236,165 % change in total assets over last 12 months 7.85 1.80 6.55 -10.94 15.97

Asset quality Banking group in Fiji: Impaired assets (on and off-balance sheet) (F$m) 6.650 3.984 4.059 2.952 3.774 As a % of total assets 0.88 0.54 0.55 0.43 0.56 Individually assessed provisions (F$m) 3.632 3.378 3.050 2.806 3.240 Collectively assessed provisions (F$m) 0.000 0.000 0.000 0.000 0.000 Total provisions as a % of impaired assets 71.67 108.31 104.45 132.78 85.85 General reserves for credit losses (F$m) 1.13 0.94 1.19 1.11 1.17 Overseas banking group: Impaired assets (F$m equivalent) 14,906.24 17,739.80 13,703.67 12,693.87 5,443.00 As a % of total assets 5.88 7.55 5.94 6.04 2.30 Individually assessed provisions (F$m) 10,082.33 10,364.27 13,703.67 12,693.87 3,978.51 Collectively assessed provisions (F$m) 0.00 0.00 0.00 0.00 0.00 Total provisions as a % of impaired assets 67.64 58.42 100.00 100.00 73.09 General reserves for credit losses (F$m) 995.44 1,003.40 1,136.31 868.68 984.91

A39 KEY DISCLOSURE STATEMENT: Table 27 BANK OF THE SOUTH PACIFIC LIMITED - FIJI BRANCH

Annual balance date 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Banking group in Fiji: End of period covered by disclosure statement 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14 Number of months covered by disclosure statement 12 12 12 12 12 Overseas banking group: End of period covered by disclosure statement 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Banking group in Fiji: Net profit after tax and extraordinary items (F$m) 42.270 38.705 40.216 31.005 20.560 As a % of average total assets 1.87 1.79 2.02 1.75 1.32 Overseas banking group: Net profit after tax and extraordinary items (F$m equivalent) 535.30 489.67 434.31 401.03 361.05 As a % of average total assets 3.71 3.48 3.24 3.22 3.06

Capital adequacy Banking group in Fiji: Tier 1 capital (F$m) 199.82 186.20 176.62 147.43 121.67 As a % of total risk-weighted exposures 11.51 11.93 12.63 11.72 11.74 Total capital (F$m) 261.57 218.64 205.02 175.26 147.37 As a % of total risk-weighted exposures 15.07 14.00 14.66 13.93 14.23 Overseas banking group: Tier 1 capital (F$m equivalent) 1,487.60 1,404.73 1,285.78 1,131.97 1,078.09 As a % of total risk-weighted exposures 19.80 21.30 19.80 18.96 19.40 Total capital (F$m equivalent) 1,716.66 1,618.90 1,498.45 1,378.28 1,332.53 As a % of total risk-weighted exposures 22.90 24.50 23.07 23.09 24.00

Size Banking group in Fiji: Total assets (F$m) 2,286.31 2,227.54 2,096.67 1,878.42 1,670.45 % change in total assets over last 12 months 2.64 6.24 11.62 12.45 14.71 Overseas banking group: Total assets (F$m equivalent) 14,662 14,205 13,976 12,843 12,116 % change in total assets over last 12 months 3.22 1.64 8.82 6.41 5.66

Asset quality Banking group in Fiji: Impaired assets (on and off-balance sheet) (F$m) 16.460 7.759 8.377 6.326 8.170 As a % of total assets 0.72 0.35 0.40 0.34 0.49 Individually assessed provisions (F$m) 4.558 4.649 4.191 4.416 5.472 Collectively assessed provisions (F$m) 38.511 32.013 33.348 29.289 26.202 Total provisions as a % of impaired assets 261.65 472.52 448.12 532.84 387.68 General reserves for credit losses (F$m) 20.804 21.681 16.629 15.913 13.249 Overseas banking group: Impaired assets (F$m equivalent) 155.515 71.358 50.791 60.090 15.754 As a % of total assets 1.06 0.50 0.36 0.47 0.13 Specific provisions (F$m equivalent) 114.005 73.531 83.643 82.741 28.872 General provisions (F$m equivalent) 289.014 292.983 267.681 232.659 221.441 Total provisions as a % of impaired assets 259.15 513.62 691.70 524.88 1,588.88 General reserves for credit losses (F$m) - - - - -

A40 KEY DISCLOSURE STATEMENT: Table 28 COLONIAL NATIONAL BANK

Annual balance date 31-Dec 30-Jun 30-Jun 30-Jun 30-Jun Banking group in Fiji: End of period covered by disclosure statement 31-Dec-10 30-Jun-09 30-Jun-08 30-Jun-07 30-Jun-06 Number of months covered by disclosure statement 18 12 12 12 12 Overseas banking group: End of period covered by disclosure statement 31-Dec-10 30-Jun-09 30-Jun-08 30-Jun-07 30-Jun-06 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Banking group in Fiji: Net profit after tax and extraordinary items (F$m) 7.470 13.481 8.753 4.254 8.887 As a % of average total assets 1.10 1.97 1.26 0.68 1.64 Overseas banking group: 1.26 Net profit after tax and extraordinary items (F$m equivalent) 206 7847 6,878.7 5,737.4 4,875.9 As a % of average total assets 2.94 0.91 1.09 1.14 1.12

Capital adequacy Banking group in Fiji: Tier 1 capital (F$m) 69.59 60.74 48.84 41.62 38.36 As a % of total risk-weighted exposures 17.79 16.65 13.07 10.96 9.91 Total capital (F$m) 72.20 60.35 53.81 47.13 42.23 As a % of total risk-weighted exposures 18.46 16.55 14.40 12.41 10.91 Overseas banking group: Tier 1 capital (F$m equivalent) 777.01 38,729.03 24,107.68 22,477.21 20,300.40 As a % of total risk-weighted exposures 19.70 8.07 8.17 7.14 7.56 Total capital (F$m equivalent) 931.98 50,000.00 34,176.60 33,213.96 28,648.21 As a % of total risk-weighted exposures 23.60 10.42 11.58 9.76 9.66

Size Banking group in Fiji: Total assets (F$m) 730.695 627.284 741.976 650.834 593.004 % change in total assets over last 12 months 16.49 -15.46 14.68 9.75 20.90 Overseas banking group: Total assets (F$m equivalent) 7,406.8 1,030,689.5 700,031.6 545,679.5 458,171.5 % change in total assets over last 12 months 11.96 47.23 23.91 19.10 10.20

Asset quality Banking group in Fiji: Impaired assets (on and off-balance sheet) (F$m) 36.199 34.051 47.523 15.007 5.512 As a % of total assets 4.95 5.43 6.40 2.31 0.93 Specific provisions (F$m)* - - 16.489 6.944 3.448 General provisions (F$m)* - - 6.872 8.588 6.857 Individually assessed provisions (F$m) 9.895 12.682 - - - Collectively assessed provisions (F$m) 8.027 9.668 - - - Total provisions as a % of impaired assets 49.51 65.64 49.16 103.50 186.96 General reserves for credit losses (F$m) 3.13 0.73 - - - Overseas banking group: Impaired assets (F$m equivalent) 89.898 6,994.517 980.617 540.367 404.667 As a % of total assets 1.21 0.68 0.14 0.10 0.09 Specific provisions (F$m) 41.521 - 526.920 255.423 212.264 General provisions (F$m) 75.688 - 1,932.520 1,327.172 1,298.411 Individually assessed provisions (F$m) - 2,872.570 - - - Collectively assessed provisions (F$m) - 5,358.033 - - - Total provisions as a % of impaired assets 130.38 117.67 250.81 292.87 373.31 General reserves for credit losses (F$m) - - - - -

A41 KEY DISCLOSURE STATEMENT: Table 29 BRED BANK

Annual balance date 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec Banking group in Fiji: End of period covered by disclosure statement 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14 Number of months covered by disclosure statement 12 12 12 12 12 Overseas banking group: End of period covered by disclosure statement - - - Number of months covered by disclosure statement - - -

Profitability Banking group in Fiji: Net profit after tax and extraordinary items (F$m) 1.89 0.63 -2.292 -3.241 -4.988 As a % of average total assets 0.41 0.16 -0.82 -2.00 -5.00 Overseas banking group: Net profit after tax and extraordinary items (F$m equivalent) - - - - - As a % of average total assets - - - - -

Capital adequacy Banking group in Fiji: Tier 1 capital (F$m) 47.953 53.716 38.694 39.977 22.573 As a % of total risk-weighted exposures 13.81 16.52 15.97 26 29 Total capital (F$m) 52.293 54.664 39.242 40.471 23.071 As a % of total risk-weighted exposures 15.06 16.81 16.12 26 29 Overseas banking group: Tier 1 capital (F$m equivalent) - - - - - As a % of total risk-weighted exposures - - - - - Total capital (F$m equivalent) - - - - - As a % of total risk-weighted exposures - - - - -

Size Banking group in Fiji: Total assets (F$m) 476.804 448.844 328.459 233.695 125.636 % change in total assets over last 12 months 6.23 36.80 40.55 86 42 Overseas banking group: Total assets (F$m equivalent) - - - - - % change in total assets over last 12 months - - - - -

Asset quality Banking group in Fiji: Impaired assets (on and off-balance sheet) (F$m) 42.949 10.563 1.958 0.980 0.875 As a % of total assets 9.01 2.35 0.60 0.00 1.00 Individually assessed provisions (F$m) 0.53 0.24 0.10 0.10 0.25 Collectively assessed provisions (F$m) - - - - - Total provisions as a % of impaired assets 1.23 2.23 5.26 103.00 28.00 General reserves for credit losses (F$m) 7.87 0.67 0.54 0.35 0.17 Overseas banking group: Impaired assets (F$m equivalent) - - - - - As a % of total assets - - - - - Individually assessed provisions (F$m) - - - - - Collectively assessed provisions (F$m) - - - - - Total provisions as a % of impaired assets - - - - - General reserves for credit losses (F$m) - - - - -

A42 KEY DISCLOSURE STATEMENT: Table 30 HFC BANK

Annual balance date 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun Banking group in Fiji: End of period covered by disclosure statement 30-Jun-19 30-Jun-18 30-Jun-17 30-Jun-16 30-Jun-15 Number of months covered by disclosure statement 12 12 12 12 12 Overseas banking group: End of period covered by disclosure statement 30-Jun-19 30-Jun-18 30-Jun-17 30-Jun-16 30-Jun-15 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Banking group in Fiji: Net profit after tax and extraordinary items (F$m) 18.267 11.781 7.698 7.007 6.051 As a % of average total assets 1.77 1.32 1.01 1.11 1.29 Overseas banking group: Net profit after tax and extraordinary items (F$m equivalent) - - - - - As a % of average total assets - - - - -

Capital adequacy Banking group in Fiji: Tier 1 capital (F$m) 171.28 89.48 79.45 76.20 48.90 As a % of total risk-weighted exposures 22.67% 13.88% 14.18% 16.85% 13.83% Total capital (F$m) 176.26 97.40 85.86 81.85 53.32 As a % of total risk-weighted exposures 23.32% 15.10% 15.32% 18.10% 15.08% Overseas banking group: Tier 1 capital (F$m equivalent) - - - - - As a % of total risk-weighted exposures - - - - - Total capital (F$m equivalent) - - - - - As a % of total risk-weighted exposures - - - - -

Size Banking group in Fiji: Total assets (F$m) 1,108.36 955.76 827.25 701.57 557.34 % change in total assets over last 12 months 15.97 15.53 17.91 25.88 45.46 Overseas banking group: Total assets (F$m equivalent) - - - - - % change in total assets over last 12 months - - - - -

Asset quality Banking group in Fiji: Impaired assets (on and off-balance sheet) (F$m) 57.365 48.742 5.059 4.484 5.088 As a % of total assets 5.18 5.10 0.61 0.64 0.91 Individually assessed provisions (F$m) 8.460 2.531 2.649 1.441 1.451 Collectively assessed provisions (F$m) 1.13 3.72 2.67 0.09 0.11 Total provisions as a % of impaired assets 16.72 12.83 105.16 34.14 30.70 General reserves for credit losses (F$m) 6.22 7.19 7.19 6.87 5.66 Overseas banking group: Impaired assets (F$m equivalent) - - - - - As a % of total assets - - - - - Individually assessed provisions (F$m) - - - - - Collectively assessed provisions (F$m) - - - - - Total provisions as a % of impaired assets - - - - - General reserves for credit losses (F$m) - - - - -

A43 KEY DISCLOSURE STATEMENT: MERCHANT Table 31 FINANCE LIMITED (FORMERLY MERCHANT FINANCE & INVESTMENT COMPANY LIMITED)

Annual balance date 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun End of period covered by disclosure statement 30-Jun-19 30-Jun-18 30-Jun-17 30-Jun-16 30-Jun-15 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Net profit after tax and extraordinary items (F$m) 7.854 6.795 3.891 7.536 8.070 As a % of average total assets (annualised) 4.35 4.11 2.38 5.13 5.89

Peak credit exposure concentrations (number of counterparties or groups of closely related counterparties in relation to total capital of Fiji banking group) 10-20% of total capital 0 0 0 0 0 20-25% of total capital 0 0 0 0 0 >25% of total capital 0 0 0 0 0

Peak connected persons credit exposure (for all connected persons) Net end-of-day credit exposures (F$m) 0.00 0.00 0.00 0.00 0.00 As a % of total capital 0.00 0.00 0.00 0.00 0.00 Maximum peak end-of-day aggregate credit exposure to all connected person as a % of total capital 25.00 25.00 25.00 25.00 25.00

Capital adequacy (as a % of total risk-weighted exposures) Tier 1 capital (F$m) 32.774 30.771 29.434 30.317 30.257 As a % of total risk-weighted exposures 18.60 21.81 21.33 22.20 27.53 Total capital (F$m) 34.976 32.534 31.508 32.824 31.631 As a % of total risk-weighted exposures 19.85 23.06 22.83 24.04 28.78

Size Total assets (F$m) 195.724 165.167 165.539 161.463 132.258 % change last 12 months 18.50 -0.22 2.52 22.08 -6.82

Asset quality Impaired assets (on and off-balance sheet) (F$m) 16.963 14.099 16.653 12.712 14.142 As a % of total assets 8.67 8.54 10.06 7.87 10.69 Individually assessed provisions (F$m) 4.873 4.429 2.687 1.127 2.032 Collectively assessed provisions (F$m) 3.688 2.664 2.785 2.944 2.215 Total provisions as a % of impaired assets 50.47 50.31 32.86 32.02 30.03 General reserves for credit losses (F$m) 2.88 2.88 2.88 2.88 2.88

A44 KEY DISCLOSURE STATEMENT: Table 32 HOME FINANCE COMPANY LIMITED

Annual balance date 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun End of period covered by disclosure statement 30-Jun-13 30-Jun-12 30-Jun-11 30-Jun-10 30-Jun-09 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Net profit after tax and extraordinary items (F$m) 5.623 3.757 2.505 2.783 2.089 As a % of average total assets (annualised) 2.34 1.86 1.43 1.69 1.23

Peak credit exposure concentrations (number of counterparties or groups of closely related counterparties in relation to total capital of Fiji banking group) 10-20% of total capital 5 7 5 5 4 20-25% of total capital 1 1 0 0 0 >25% of total capital 0 0 0 0 0

Peak connected persons credit exposure (for all connected persons) Net end-of-day credit exposures (F$m) 0 0 0 0 0 As a % of total capital 0 0 0 0 0 Maximum peak end-of-day aggregate credit exposure to all connected person as a % of total capital 25.00 25.00 25.00 25.00 25.00

Capital adequacy (as a % of total risk-weighted exposures) Tier 1 capital (F$m) 26.55 20.13 16.57 15.67 12.61 As a % of total risk-weighted exposures 14.88 14.05 14.54 13.86 11.72 Total capital (F$m) 28.78 21.92 17.99 17.09 13.95 As a % of total risk-weighted exposures 16.13 15.30 15.79 15.11 12.97

Size Total assets (F$m) 259.894 221.619 181.453 168.133 161.729 % change last 12 months 17.27 22.14 7.92 3.96 9.58

Asset quality Impaired assets (on and off-balance sheet) (F$m) 5.939 4.152 4.343 3.903 7.201 As a % of total assets 2.28 1.87 2.39 2.32 4.45 Individually assessed provisions (F$m) 4.769 3.086 3.089 1.306 2.094 Collectively assessed provisions (F$m) 0.221 0.298 0.058 0.126 0.018 Total provisions as a % of impaired assets 84.02 81.50 72.45 36.69 29.32 General Reserves for Credit Losses (F$m) 3.15 2.72 2.15 2.01 1.78

A45 KEY DISCLOSURE STATEMENT: Table 33 CREDIT CORPORATION (FIJI) LIMITED

Annual balance date 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec End of period covered by disclosure statement 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14 Number of months covered by disclosure statement 12 12 12 12 12

Profitability Net profit after tax and extraordinary items (F$m) 9.85 8.32 7.57 7.12 6.43 As a % of average total assets (annualised) 5.52 5.60 6.12 6.70 6.71

Peak credit exposure concentrations (number of counterparties or groups of closely related counterparties in relation to total capital of Fiji banking group) 10-20% of total capital 0 0 0 0 0 20-25% of total capital 0 0 0 0 0 >25% of total capital 0 0 0 0 0

Peak connected persons credit exposure (for all connected persons) Net end-of-day credit exposures (F$m) 0 0 0 0 0 As a % of total capital 0 0 0 0 0 Maximum peak end-of-day aggregate credit 0 0 0 0 0 exposure to all connected person as a % of total capital

Capital adequacy (as a % of total risk-weighted exposures) Tier 1 capital (F$m) 40.52 36.49 34.06 33.95 31.95 As a % of total risk-weighted exposures 24.65 25.91 28.43 32.09 35.86 Total capital (F$m) 41.12 37.09 34.66 34.54 32.55 As a % of total risk-weighted exposures 25.01 26.33 28.93 32.66 36.53

Size Total assets (F$m) 189.37 167.33 129.92 117.20 95.42 % change last 12 months 13.17 28.79 10.85 22.83 -1.08

Asset quality Impaired assets (on and off-balance sheet) (F$m) 9.43 9.13 7.50 11.12 12.03 As a % of total assets 4.98 5.46 5.78 9.49 12.61 Individually assessed provisions (F$m) 3.98 2.30 2.70 2.75 3.25 Collectively assessed provisions (F$m) 4.49 3.56 2.79 2.70 3.22 Total provisions as a % of impaired assets 89.82 64.12 73.18 49.03 47.52 General Reserves for Credit Losses (F$m) 0.75 0.75 0.75 0.75 0.75

A46 KEY DISCLOSURE STATEMENT: Table 34 KONTIKI FINANCE LIMITED

Annual balance date 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun End of period covered by disclosure statement 30-Jun-19 30-Jun-18 30-Jun-17 30-Jun-16 30-Jun-15 Number of months covered by disclosure statement 12 12 12 12 4

Profitability Net profit after tax and extraordinary items (F$m) 7.721 5.749 3.590 0.865 -1.070 As a % of average total assets (annualised) 4.44 4.53 4.86 2.86 N/A

Peak credit exposure concentrations (number of counterparties or groups of closely related counterparties in relation to total capital of Fiji banking group) 10-20% of total capital 0 0 0 0 0 20-25% of total capital 0 0 0 0 0 >25% of total capital 0 0 0 0 0

Peak connected persons credit exposure (for all connected persons) Net end-of-day credit exposures (F$m) 0 0 0 0 0 As a % of total capital 0 0 0 0 0 Maximum peak end-of-day aggregate credit exposure to all connected person as a % of total capital 0 0 0 0 0

Capital adequacy (as a % of total risk-weighted exposures) Tier 1 capital (F$m) 21.217 13.386 10.630 6.419 1.305 As a % of total risk-weighted exposures 14.86 11.86 14.97 16.57 28.85 Total capital (F$m) 29.543 19.984 11.007 6.538 1.361 As a % of total risk-weighted exposures 20.69 17.71 15.50 16.88 30.10

Size Total assets (F$m) 188.515 159.137 94.593 53.089 7.431 % change last 12 months 18.46 68.23 78.18 614.41 N/A

Asset quality Impaired assets (on and off-balance sheet) (F$m) 3.169 2.987 1.956 0.088 0.004 As a % of total assets 1.68 1.88 2.07 0.17 0.06 Individually assessed provisions (F$m) 1.81 1.23 0.70 0.09 0 Collectively assessed provisions (F$m) 0.000 0.000 0.000 0.002 0.001 Total provisions as a % of impaired assets 57.38 41.09 33.96 101.25 20.02 General reserves for credit losses (F$m) 2.427 1.329 0.740 0.417 0.071

A47 KEY DISCLOSURE STATEMENT: Table 35 BSP FINANCE (FIJI) LIMITED

Annual balance date 31-Dec 31-Dec 31-Dec 31-Dec End of period covered by disclosure statement 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 Number of months covered by disclosure statement 12 12 12 12

Profitability Net profit after tax and extraordinary items (F$m) 4298 2779 439 -636 As a % of average total assets (annualised) 5 5 1 4

Peak credit exposure concentrations (number of counterparties or groups of closely related counterparties in relation to total capital of Fiji banking group) 10-20% of total capital 0 0 0 0 20-25% of total capital 0 0 0 0 >25% of total capital 0 0 0 0

Peak connected persons credit exposure (for all connected persons) Net end-of-day credit exposures (F$m) 0 0 0 0 As a % of total capital 0 0 0 0 Maximum peak end-of-day aggregate credit exposure to all connected person as a % of total capital 0 0 0 0

Capital adequacy (as a % of total risk-weighted exposures) Tier 1 capital (F$m) 12 9 8 6 As a % of total risk-weighted exposures 14 14 20 43 Total capital (F$m) 16 12 8 6 As a % of total risk-weighted exposures 19 18 20 43

Size Total assets (F$m) 93 74 42 18 % change last 12 months 26 77 133 100

Asset quality Impaired assets (on and off-balance sheet) (F$m) 2 1 - - As a % of total assets 2 2 - - Individually assessed provisions (F$m) 0 0 - - Collectively assessed provisions (F$m) 2 1 1 0 Total provisions as a % of impaired assets 152 100 - - General reserves for credit losses (F$m) - - - -

A48 Table 36 STOCK MARKET ($)

Period SPSE Main Board

APP ATH CBF CFM FFF1/ PBF2/ FHL FIL FMF FSC FTV KGF3/ KFL9/

2008 133,175 441,863 m.a 141,599 - 306,033 1,088,790 192,414 492,522 7,778 198,765 20,237 - 2009 31,178 675,706 m.a 92,076 - 40,290,708 667,853 11,697 556,813 116,952 278,332 173,257 - 2010 2,964 290,985 m.a 193,523 - 49,608 621,229 1,221 186,380 1,236 35,547 103,830 - 2011 3,157 27,716 m.a 368,270 629 79,875 2,422,938 3,197 85,081 d.l 52,963 65,015 - 2012 11,193 424,997 m.a 2,255,152 19,283 108,717,179 912,227 1,352,612 1,097,282 d.l 3,694,658 34,497 - 2013 54,115 1,135,174 m.a 290,705 4,110 414,541 1,616,798 374,386 870,834 d.l 2,443,192 6,428 - 2014 126,499 909,632 m.a 446,799 n.t 637,158 996,718 1,933 1,661,801 d.l 1,452,931 77,958 - 2015 56,542 89,435,023 m.a 105,413 n.t 117,093 622,430 32,716 430,426 d.l 35,381 52,201 - 2016 66,413 263,885 m.a 810,839 n.t 433,261 1,293,213 n.t 3,245,891 d.l 5,555 13,047 - 2017 10,500 108,953 m.a 93,600 n.t 211,244 193,545 244,306 275,644 d.l 32,205 54,566 - 2018 14,225 166,971 m.a 116,500 n.t 476,849 1,592,583 42,568 367,486 d.l 867,922 63,540 298,104 2019 n.t 333,147 m.a 212,589 n.t 74,560 659,696 374 62,892 d.l 44,055 26,432 2,181,805

2017 Mar. 12,600 35,853 m.a 4,350 n.t 124,994 240,330 15,867 22,828 d.l 7,875 225 - Jun. n.t 105,123 m.a 48,681 n.t 30,857 155,916 n.t 51,020 d.l 17,341 5,580 - Sep. 3,066 89,583 m.a n.t n.t 34,357 508,687 9,531 166,386 d.l 22,032 4,800 - Dec. 10,500 108,953 m.a 93,600 n.t 211,244 193,545 244,306 275,644 d.l 32,205 54,566 -

2018 Mar. 17,998 145,156 m.a 4,154 n.t 792,051 453,847 29,349 33,118 d.l 104,444 29,852 - Jun. 1,830 176,578 m.a 72,300 n.t 355,828 304,647 6,779,670 146,811 d.l 115,997 638,365 - Sep. 6,500 972,191 m.a 17,993 n.t 17,437 349,937 30,400 236,640 d.l 135,652 143,992 3,389,207 Dec. 14,225 166,971 m.a 116,500 n.t 476,849 1,592,583 42,568 367,486 d.l 867,922 63,540 298,104

2019 Mar. 4,811 102,895 m.a 11,000 n.t 10,494 2,273,696 7,838 18,020 d.l 181,360 12,720 149,969 Jun. 2,227 5,097,466 m.a 14,050 n.t 207,173 563,116 70,238 4,483,926 d.l 20,500 n.t 436,549 Sep. n.t 161,683 m.a 17,700 n.t 23,659 525,956 4,413 104,647 d.l 192,558 973,470 195,589 Dec. n.t 333,147 m.a 212,589 n.t 74,560 659,696 374 62,892 d.l 44,055 26,432 2,181,805

Note:

1/ Listed on 21 November, 2011. 2/ Listed on 14 June, 2005. The code was changed on 4 July, 2013 from FGP to PBF (Paradise Beverages (Fiji) Limited). 3/ Listed on 16 December, 2004. 4/ Listed on 4 February, 2009. 5/ Listed on 30 March, 2005. 6/ Listed on 11 May, 2010. The notes were delisted on 20 April, 2013 and converted into Fiji Class Shares on the same date. 7/ Listed on 21 November, 2011. 8/ Fiji Class Shares listed on 29 April, 2013. 9/ Listed on 4 July, 2018. n.a - Data not available n.i - No issues n.t - No trading m.a - mergers and acquisitions d.l - delisted c.s - convertion to rate

Source: South Pacific Stock Exchange

A49 VALUE OF TRADES

SPSE Main Board SPSE Main Board Interest Rate Securities Board Period

PBP4/ PGI RBG RCF SPD TTS VBH FBL VIL YGL5/ PDM BCN8/ BCN6/ FFFN7/

- 241,060 22,627,460 29,860 m.a 10,580 118,954 - - n.t - - - 2008 45,402 67,439 455,275 36,355 m.a 9,256 33,555 - - d.l - - - 2009 20,712 739,524 226,650 1,445 m.a 13,933 174,686 - - d.l - - - 2010 49,986 8,911 143,453 4,600 m.a 13,479 119,200 - - d.l - 43,867 n.t 2011 72,476 6,000 272,289 1,040 m.a 13,396 44,633 - - d.l - 57,702 10,403 2012 8,971 41,342 4,598,668 55,660 m.a 2,618 322,736 - - d.l - 499,605 204 2013 434,412 n.t 370,502 458,085 m.a 178,386 183,280 - - d.l 678,528 d.l 408 2014 23,846 2,200 121,970 24,189 m.a 38,362 297,519 - - d.l 27,429 d.l 3,153 2015 26,440 n.t 83,135 18,137 m.a 13,519 183,864 - 51,933,121 d.l 292,575 d.l 0 2016 2,750 n.t 2,157,595 149,253 m.a 64,944 54,000 637,845 426,424 d.l 21,240 d.l n.t 2017 n.t n.t 77,324 118,445 m.a 100,817 45,395 30,500 75,843 d.l 8,827 d.l n.t 2018 n.t n.t 1,693,930 16,550 m.a 3,614 13,471 11,400 14,836,963 d.l 421,491 55,695 d.l n.t 2019

2017 n.t n.t 985 n.t m.a n.t 2,388 104,786 77,550 d.l 13,207 d.l n.t Mar. n.t n.t 10,265 9,120 m.a 4,350 6,480 82,585 246,372 d.l 9,903 d.l n.t Jun. n.t n.t 26,018 7,700 m.a 12,236 106,875 204,673 153,682 d.l n.t d.l n.t Sep. 2,750 n.t 2,157,595 149,253 m.a 64,944 54,000 637,845 426,424 d.l 21,240 d.l n.t Dec.

2018 23,713 n.t 30,157 5,105 m.a 3,494 1,725,303 268,756 128,501 d.l 14,665 d.l n.t Mar. 355,828 n.t 2,081,259 13,175 m.a n.t 204,687 15,068 76,421 d.l 30,285 d.l n.t Jun. 4,900 n.t 12,336 2,200 m.a n.t 73,832 50,100 55,415 d.l 97,976 d.l n.t Sep. n.t n.t 77,324 118,445 m.a 100,817 45,395 30,500 75,843 d.l 8,827 d.l n.t Dec.

2019 122,683 n.t 106,023 9,100 m.a 35,177 n.t 30,569 198,375 d.l 66,819 d.l n.t Mar. 1,248 n.t 116,290 460,784 m.a 25,682 29,570 n.t 112,585 d.l 77,755 d.l n.t Jun. n.t n.t 80,127 37,928 m.a 210,671 153 153,805 1,938,152 d.l 15,210,030 97,476 d.l n.t Sep. n.t n.t 1,693,930 16,550 m.a 3,614 13,471 11,400 14,836,963 d.l 421,491 55,695 d.l n.t Dec.

A50 Table 37 STOCK MARKET

Period SPSE Main Board

APP ATH CBF CFM FFF1/ PBF2/ FHL FIL FMF FSC FTV KGF3/ KFL9/

2008 168,519 450,493 m.a 86,400 - 23,397 483,370 288,960 619,450 22,122 60,320 23,959 - 2009 37,069 609,221 m.a 57,100 - 3,038,936 240,009 17,427 891,500 392,899 87,051 308,223 - 2010 4,200 298,696 m.a 111,300 - 4,288 203,038 1,948 393,450 4,840 11,446 217,000 - 2011 4,100 31,555 m.a 195,360 760 7,979 837,096 6,393 211,798 d.l 20,347 191,044 - 2012 15,678 558,616 m.a 1,070,454 23,856 9,331,342 323,856 3,655,576 2,973,839 d.l 1,531,330 120,333 - 2013 77,850 1,403,631 m.a 107,632 5,200 31,990 537,420 686,000 2,136,116 d.l 833,513 22,167 - 2014 196,663 1,037,564 m.a 113,141 n.t 61,296 297,801 3,117 3,374,709 d.l 489,297 298,300 - 2015 70,854 73,351,593 m.a 25,465 n.t 10,991 161,610 49,028 647,267 d.l 15,100 126,283 - 2016 61,499 225,826 m.a 191,718 n.t 35,558 313,397 n.t 4,106,022 d.l 5,270 28,993 - 2017 10,000 58,600 m.a 20,000 n.t 16,854 38,331 223,041 258,600 d.l 16,150 105,071 - 2018 10,000 53,403 m.a 22,500 n.t 37,859 228,065 28,915 187,870 d.l 363,168 62,500 291,127 2019 n.t 108,712 m.a 35,681 n.t 5,070 441,013 155 30,000 d.l 8,990 23,600 1,968,262

2017 Mar. 12,000 27,650 m.a 1,000 n.t 10,330 58,410 20,440 28,535 d.l 3,500 500 - Jun. n.t 76,055 m.a 11,191 n.t 2,515 35,994 n.t 63,200 d.l 10,000 12,400 - Sep. 2,920 54,033 m.a n.t n.t 2,747 108,532 10,590 179,159 d.l 11,316 10,667 - Dec. 10,000 58,600 m.a 20,000 n.t 16,854 38,331 223,041 258,600 d.l 16,150 105,071 -

2018 Mar. 15,650 69,145 m.a 880 n.t 60,927 87,993 24,663 27,775 d.l 50,000 50,771 - Jun. 1,500 67,283 m.a 15,000 n.t 27,452 54,812 6,162,298 109,350 d.l 50,500 1,027,766 - Sep. 5,000 314,842 m.a 3,700 n.t 1,350 57,051 23,250 157,954 d.l 57,000 146,600 2,818,877 Dec. 10,000 53,403 m.a 22,500 n.t 37,859 228,065 28,915 187,870 d.l 363,168 62,500 291,127

2019 Mar. 3,110 32,009 m.a 2,000 n.t 808 2,083,200 5,062 8,500 d.l 76,106 11,500 151,249 Jun. 1,433 1,696,882 m.a 2,500 n.t 15,796 297,878 42,702 2,115,050 d.l 6,300 n.t 426,421 Sep. n.t 51,505 m.a 2,910 n.t 1,685 410,907 1,956 48,954 d.l 51,523 869,170 195,706 Dec. n.t 108,712 m.a 35,681 n.t 5,070 441,013 155 30,000 d.l 8,990 23,600 1,968,262

Note:

1/ Listed on 21 November, 2011. 2/ Listed on 14 June, 2005. The code was changed on 4 July, 2013 from FGP to PBF (Paradise Beverages (Fiji) Limited). 3/ Listed on 16 December, 2004. 4/ Listed on 4 February, 2009. 5/ Listed on 30 March, 2005. 6/ Listed on 11 May, 2010. The notes were delisted on 20 April, 2013 and converted into Fiji Class Shares on the same date. 7/ Listed on 21 November, 2011. 8/ Fiji Class Shares listed on 29 April, 2013. 9/ Listed on 4 July, 2018. n.a - Data not available n.i - No issues n.t - No trading m.a - mergers and acquisitions d.l - delisted c.s - convertion to rate

Source: South Pacific Stock Exchange

A51 VOLUME OF TRADES

SPSE Main Board Interest Rate Securities Board Period

PBP4/ PGI RBG RCF SPD TTS VBH FBL VIL YGL5/ PDM BCN8/ BCN6/ FFFN7/

- 114,830 16,003,141 10,500 m.a 5,398 40,480 - - n.t - - - 2008 49,320 35,682 291,155 15,900 m.a 4,699 12,250 - - d.l - - - 2009 22,700 803,830 126,729 600 m.a 7,258 58,420 - - d.l - - - 2010 54,801 4,426 74,063 2,000 m.a 7,208 40,000 - - d.l - 7,081 n.t 2011 85,266 3,000 130,199 452 m.a 6,089 14,891 - - d.l - 9,367 10,300 2012 10,507 20,671 2,069,815 24,200 m.a 1,190 106,446 - - d.l 12,069 67,306 200 2013 446,656 n.t 143,538 213,452 m.a 60,280 58,350 - - d.l 106,165 d.l 400 2014 19,269 2,200 41,287 6,925 m.a 12,555 85,628 - - d.l 3,851 d.l 3,084 2015 19,880 n.t 26,665 4,852 m.a 4,262 50,323 - 32,512,557 d.l 38,047 d.l n.t 2016 1,500 n.t 533,400 36,489 m.a 13,363 12,000 256,562 163,108 d.l 2,530 d.l n.t 2017 n.t n.t 14,965 23,350 m.a 15,203 6,020 10,000 19,400 d.l 795 d.l n.t 2018 n.t n.t 486,383 2,100 m.a 278 1,996 3,800 3,409,118 d.l 196,576 2,253 d.l n.t 2019

2017 n.t n.t 302 n.t m.a n.t 600 49,632 37,608 d.l 1,691 d.l n.t Mar. n.t n.t 3,120 2,400 m.a 1,000 1,600 34,428 118,073 d.l 1,264 d.l n.t Jun. n.t n.t 7,603 2,000 m.a 2,581 26,389 83,468 65,629 d.l n.t d.l n.t Sep. 1,500 n.t 533,400 36,489 m.a 13,363 12,000 256,562 163,108 d.l 2,530 d.l n.t Dec.

2018 10,900 1,500 6,990 1,236 m.a 713 378,220 99,111 42,153 d.l 1,715 d.l n.t Mar. 27,452 n.t 430,039 3,100 m.a n.t 32,465 5,026 23,071 d.l 3,455 d.l n.t Jun. 2,000 n.t 2,534 500 m.a n.t 10,562 16,700 15,940 d.l 10,700 d.l n.t Sep. n.t n.t 14,965 23,350 m.a 15,203 6,020 10,000 19,400 d.l 795 d.l n.t Dec.

2019 49,073 n.t 17,236 1,400 m.a 4,852 n.t 10,325 45,989 d.l 4,868 d.l n.t Mar. 480 n.t 16,803 68,602 m.a 2,830 4,104 n.t 25,593 d.l 4,281 d.l n.t Jun. n.t n.t 9,373 4,805 m.a 16,811 21 57,011 427,950 d.l 11,798,381 4,178 d.l n.t Sep. n.t n.t 486,383 2,100 m.a 278 1,996 3,800 3,409,118 d.l 196,576 2,253 d.l n.t Dec.

A52 Table 38 STOCK MARKET ($ million)

Period SPSE Main Board

APP ATH CBF CFM FFF1/ PBF2/ FHL FIL FMF FSC FTV KGF3/ KFL9/

2008 7.0 498.1 m.a 6.4 - 143.6 23.8 4.2 127.5 16.0 36.1 2.7 - 2009 7.0 451.6 m.a 6.1 - 129.1 30.3 4.3 103.5 11.1 33.5 1.8 - 2010 6.2 384.1 m.a 6.2 - 111.9 32.9 4.2 60.0 11.1 30.9 1.6 - 2011 6.2 320.8 m.a 7.5 17.6 109.3 28.9 3.2 75.0 d.l 25.8 1.0 - 2012 5.7 371.5 m.a 7.9 17.0 136.8 30.3 3.4 60.0 d.l 27.5 1.0 - 2013 5.6 308.1 m.a 10.5 16.7 124.3 33.7 3.7 66.0 d.l 31.3 1.0 - 2014 5.6 409.4 m.a 14.6 16.7 104.2 36.6 4.4 94.5 d.l 23.7 1.1 - 2015 7.6 527.6 m.a 14.8 16.7 116.4 43.4 5.3 112.5 d.l 24.6 1.6 - 2016 8.4 536.07 m.a 15.5 23.9 125.9 42.8 5.6 120 d.l 15.5 1.6 - 2017 8.4 785.1 m.a 16.6 23.9 131.1 54.4 9.5 172.5 d.l 20.5 1.9 - 2018 12.0 1,350 m.a 19.2 23.9 135.3 259.0 13.1 315.0 d.l 24.6 3.7 86.7 2019 12.8 1,410 m.a 22.1 23.9 154.7 469.2 21.1 318.0 d.l 56.7 4.3 118.9

2017 Mar. 8.4 557.2 m.a 15.5 23.9 125.9 43.9 6.6 120.0 d.l 15.6 1.6 - Jun. 8.4 633.2 m.a 15.5 23.9 130.1 47.1 6.9 127.5 d.l 18.9 1.6 - Sep. 8.4 759.8 m.a 15.5 23.9 130.3 51.3 7.4 150.0 d.l 20.6 1.6 - Dec. 8.4 785.1 m.a 16.6 23.9 131.1 54.4 9.5 172.5 d.l 20.5 1.9 -

2018 Mar. 9.2 962.4 m.a 16.8 23.9 135.3 54.9 9.8 183.0 d.l 22.2 2.3 - Jun. 9.8 1,203 m.a 17.1 23.9 134.3 64.4 10.2 204.0 d.l 24.5 3.0 - Sep. 10.4 1,321 m.a 17.4 23.9 134.3 64.9 11.5 277.5 d.l 24.5 3.6 97.0 Dec. 12.0 1,350 m.a 19.2 23.9 135.3 259.0 13.1 315.0 d.l 24.6 3.7 86.7

2019 Mar. 12.0 1,385 m.a 19.6 23.9 134.3 594.0 12.9 318.0 d.l 30.9 4.0 95.4 Jun. 12.8 1,351 m.a 20.6 23.9 145.7 588.0 17.8 319.5 d.l 37.0 4.0 90.9 Sep. 12.8 1,237 m.a 21.9 23.9 145.9 371.7 19.8 285.0 d.l 46.3 4.3 90.9 Dec. 12.8 1,410 m.a 22.1 23.9 154.7 469.2 21.1 318.0 d.l 56.7 4.3 118.9

Note:

1/ Listed on 21 November, 2011. 2/ Listed on 14 June, 2005. The code was changed on 4 July, 2013 from FGP to PBF (Paradise Beverages (Fiji) Limited). 3/ Listed on 16 December, 2004. 4/ Listed on 4 February, 2009. 5/ Listed on 30 March, 2005. 6/ Listed on 11 May, 2010. The notes were delisted on 20 April, 2013 and converted into Fiji Class Shares on the same date. 7/ Listed on 21 November, 2011. 8/ Fiji Class Shares listed on 29 April, 2013. 9/ Listed on 4 July, 2018. n.a - Data not available n.i - No issues n.t - No trading m.a - mergers and acquisitions d.l - delisted c.s - convertion to rate

Source: South Pacific Stock Exchange

A53 CAPITALISATION

SPSE Main Board Interest Rate Securities Board Period

PBP4/ PGI RBG RCF SPD TTS VBH FBL VIL YGL5/ PDM BCN8/ BCN6/ FFFN7/

- 16.0 52.8 18.0 m.a 27.5 4.7 - - 18.0 - - - 2008 5.5 16.0 54.6 14.7 m.a 27.6 4.8 - - d.l - - - 2009 5.7 7.0 54.3 14.1 m.a 26.7 5.3 - - d.l - 16.1 - 2010 5.4 16.0 61.5 13.8 m.a 26.2 5.3 - - d.l - 19.0 1.5 2011 5.1 15.2 64.5 13.8 m.a 30.9 5.3 - - d.l - 18.8 1.5 2012 5.3 15.2 73.2 13.8 m.a 30.9 5.5 - - d.l 21.6 d.l 1.5 2013 6.0 15.2 84.9 17.4 m.a 42.8 6.8 - - d.l 21.7 d.l 1.5 2014 7.5 7.6 92.4 21.3 m.a 43.5 7.7 - - d.l 21.9 d.l 1.5 2015 9.7 7.6 94.5 22.5 m.a 44.9 8.506 - 211.7 d.l 23.8 d.l c.s 2016 12.5 7.6 128.4 24.6 m.a 68.2 9.6 5.1 290.6 d.l 26.1 d.l c.s 2017 16.1 8.2 171.0 39.0 m.a 101.7 16.6 6.1 429.6 d.l 38.3 d.l c.s 2018 17.4 8.2 555.0 48.0 m.a 182.4 14.9 6.0 508.5 d.l 87.6 79.7 d.l c.s 2019

2017 9.8 7.6 97.8 22.5 m.a 44.9 8.5 4.7 215.8 d.l 23.9 d.l c.s Mar. 9.8 7.6 98.7 22.8 m.a 61.0 8.6 4.8 238.7 d.l 24.1 d.l c.s Jun. 9.8 7.6 108.0 23.1 m.a 68.1 8.7 4.9 261.5 d.l 24.1 d.l c.s Sep. 12.5 7.6 128.4 24.6 m.a 68.2 9.6 5.1 290.6 d.l 26.1 d.l c.s Dec.

2018 15.0 8.2 130.8 24.8 m.a 68.8 12.3 6.0 337.3 d.l 26.4 d.l c.s Mar. 15.0 8.2 145.5 25.5 m.a 68.8 14.6 5.8 359.0 d.l 27.4 d.l c.s Jun. 16.7 8.2 146.7 26.4 m.a 68.8 15.8 6.0 363.2 d.l 30.6 d.l c.s Sep. 16.1 8.2 171.0 39.0 m.a 101.7 16.6 6.1 429.6 d.l 38.3 d.l c.s Dec.

2019 16.5 8.2 202.8 39.0 m.a 101.7 16.6 5.9 454.5 d.l 49.0 d.l c.s Mar. 17.3 8.2 241.5 40.2 m.a 161.4 15.8 5.9 472.1 d.l 64.4 d.l c.s Jun. 17.3 8.2 270.9 48.0 m.a 179.6 15.6 5.4 448.3 d.l 76.0 67.4 d.l c.s Sep. 17.4 8.2 555.0 48.0 m.a 182.4 14.9 6.0 508.5 d.l 87.6 79.7 d.l c.s Dec.

A54 Table 39 STOCK MARKET

Period SPSE Main Board

APP ATH CBF CFM FFF1/ PBF2/ FHL FIL FMF FSC FTV KGF3/ KFL9/

2008 11 132 m.a 13 - 33 392 7 27 10 32 13 - 2009 2 155 m.a 19 - 59 394 4 12 2 43 8 - 2010 3 100 m.a 18 - 12 466 3 10 3 10 6 - 2011 3 23 m.a 28 2 27 494 1 13 d.l 20 11 - 2012 5 109 m.a 16 7 16 582 8 30 d.l 40 6 - 2013 8 153 m.a 9 2 31 811 3 35 d.l 36 6 - 2014 6 179 m.a 23 - 39 778 2 50 d.l 32 4 - 2015 8 143 m.a 9 n.t 25 640 7 27 d.l 17 11 - 2016 7 96 m.a 29 n.t 33 824 0 30 0 8 5 - 2017 1 32 m.a 1 n.t 11 347 6 5 d.l 6 6 - 2018 3 43 m.a 6 n.t 14 426 11 8 d.l 9 5 21 2019 n.t 54 m.a 11 n.t 25 482 2 9 d.l 13 3 79

2017 Mar. 3 28 m.a 1 n.t 4 62 5 3 d.l 1 1 - Jun. n.t 55 m.a 2 n.t 8 214 n.t 10 d.l 6 4 - Sep. 1 53 m.a n.t n.t 7 198 8 5 d.l 8 1 - Dec. 1 32 m.a 1 n.t 11 347 6 5 d.l 6 6 -

2018 Mar. 3 48 m.a 1 n.t 16 84 1 3 d.l 20 4 - Jun. 1 51 m.a 15 n.t 15 391 9 4 d.l 16 3 - Sep. 1 25 m.a 6 n.t 7 64 5 18 d.l 13 7 118 Dec. 3 43 m.a 6 n.t 14 426 11 8 d.l 9 5 21

2019 Mar. 4 37 m.a 4 n.t 7 422 8 1 d.l 7 5 19 Jun. 4 41 m.a 6 n.t 10 583 33 2 d.l 11 n.t 40 Sep. n.t 41 m.a 12 n.t 10 86 11 21 d.l 24 8 27 Dec. n.t 54 m.a 11 n.t 25 482 2 9 d.l 13 3 79

Note:

1/ Listed on 21 November, 2011. 2/ Listed on 14 June, 2005. The code was changed on 4 July, 2013 from FGP to PBF (Paradise Beverages (Fiji) Limited). 3/ Listed on 16 December, 2004. 4/ Listed on 4 February, 2009. 5/ Listed on 30 March, 2005. 6/ Listed on 11 May, 2010. The notes were delisted on 20 April, 2013 and converted into Fiji Class Shares on the same date. 7/ Listed on 21 November, 2011. 8/ Fiji Class Shares listed on 29 April, 2013. 9/ Listed on 4 July, 2018. n.a - Data not available n.i - No issues n.t - No trading m.a - mergers and acquisitions d.l - delisted c.s - convertion to rate

Source: South Pacific Stock Exchange

A55 NUMBER OF TRADES

SPSE Main Board Interest Rate Securities Board Period

PBP4/ PGI RBG RCF SPD TTS VBH FBL VIL YGL5/ PDM BCN8/ BCN6/ FFFN7/

- 5 71 3 m.a 4 4 - - n.t - - - 2008 16 1 62 4 m.a 3 5 - - d.l - - - 2009 21 1 44 2 m.a 4 8 - - d.l - - - 2010 19 7 54 1 m.a 3 1 - - d.l - 11 n.t 2011 2 1 43 2 m.a 1 4 - - d.l - 16 3 2012 4 3 52 15 m.a 2 9 - - d.l 21 5 1 2013 10 - 50 8 m.a 6 4 - - d.l 13 d.l 2 2014 7 9 50 7 m.a 3 34 - - d.l 15 d.l 5 2015 4 0 28 6 0 0 26 - 434 d.l 48 0.0 0 2016 2 n.t 6 7 m.a 2 3 22 65 d.l 9 d.l n.t 2017 n.t n.t 14 11 m.a 11 4 2 31 d.l 6 d.l n.t 2018 n.t n.t 191 6 m.a 2 3 1 20 d.l 112 12 d.l n.t 2019

2017 n.t n.t 2 n.t m.a n.t 1 35 25 d.l 8 d.l n.t Mar. n.t n.t 3 2 m.a 1 1 14 36 d.l 7 d.l n.t Jun. n.t n.t 9 1 m.a 3 2 30 35 d.l n.t d.l n.t Sep. 2 n.t 6 7 m.a 2 3 22 65 d.l 9 d.l n.t Dec.

2018 8 1 5 1 m.a 2 5 12 31 d.l 7 d.l n.t Mar. 15 n.t 20 1 m.a n.t 14 9 22 d.l 13 d.l n.t Jun. 1 n.t 3 1 m.a n.t 6 2 31 d.l 7 d.l n.t Sep. n.t n.t 14 11 m.a 11 4 2 31 d.l 6 d.l n.t Dec.

2019 1 n.t 28 3 m.a 4 n.t 3 26 d.l 30 d.l n.t Mar. 1 n.t 53 19 m.a 19 5 n.t 22 d.l 29 d.l n.t Jun. n.t n.t 36 16 m.a 14 1 7 28 d.l 675 22 d.l n.t Sep. n.t n.t 191 6 m.a 2 3 1 20 d.l 112 12 d.l n.t Dec.

A56 Table 40 STOCK MARKET SHARE PRICES ($)

Period SPSE Main Board

APP ATH CBF CFM FFF1/ PBF2/ FHL FIL FMF FSC FTV KGF3/ KFL9/

2008 0.88 1.18 m.a 1.80 - 13.80 2.27 0.67 0.85 0.36 3.50 0.77 - 2009 0.88 1.07 m.a 1.71 - 12.40 2.90 0.67 0.69 0.25 3.25 0.50 - 2010 0.77 0.91 m.a 1.75 - 10.75 3.14 0.65 0.40 0.25 3.00 0.45 - 2011 0.77 0.76 m.a 2.10 0.83 10.50 2.76 0.50 0.50 d.l 2.50 0.29 - 2012 0.71 0.88 m.a 2.21 0.80 13.14 2.90 0.53 0.40 d.l 2.67 0.29 - 2013 0.70 0.73 m.a 2.94 0.79 11.94 3.22 0.57 0.44 d.l 3.04 0.29 - 2014 0.70 0.97 m.a 4.10 0.79 10.01 3.50 0.63 0.63 d.l 2.30 0.30 - 2015 0.95 1.25 m.a 4.16 0.79 11.18 4.15 0.72 0.75 d.l 2.39 0.45 - 2016 1.05 1.27 m.a 4.35 0.79 12.10 4.09 0.72 0.80 d.l 1.51 0.45 - 2017 1.05 1.86 m.a 4.68 0.79 12.60 5.20 1.16 1.15 d.l 1.99 0.53 - 2018 1.50 3.20 m.a 5.40 0.79 13.00 8.50 1.55 2.10 d.l 2.39 1.02 0.97 2019 1.60 3.34 m.a 6.22 0.79 14.86 1.54 2.45 2.12 d.l 5.50 1.12 1.30

2017 Mar. 1.05 1.32 m.a 4.35 0.79 12.10 4.20 0.85 0.80 d.l 1.51 0.45 - Jun. 1.05 1.50 m.a 4.35 0.79 12.50 4.50 0.85 0.85 d.l 1.84 0.45 - Sep. 1.05 1.80 m.a 4.35 0.79 12.52 4.90 0.90 1.00 d.l 2.00 0.45 - Dec. 1.05 1.86 m.a 4.68 0.79 12.60 5.20 1.16 1.15 d.l 1.99 0.53 -

2018 Mar. 1.15 2.28 m.a 4.72 0.79 13.00 5.25 1.19 1.22 d.l 2.16 0.63 - Jun. 1.22 2.85 m.a 4.82 0.79 13.00 6.15 1.20 1.36 d.l 2.38 0.85 - Sep. 1.30 3.13 m.a 4.89 0.79 12.90 6.20 1.35 1.85 d.l 2.38 1.00 1.09 Dec. 1.50 3.20 m.a 5.40 0.79 13.00 8.50 1.55 2.10 d.l 2.39 1.02 0.97

2019 Mar. 1.55 3.28 m.a 5.50 0.79 12.90 1.95 1.53 2.12 d.l 3.00 1.12 1.05 Jun. 1.60 3.20 m.a 5.80 0.79 14.00 1.93 2.10 2.13 d.l 3.60 1.12 1.00 Sep. 1.60 2.93 m.a 6.15 0.79 14.02 1.22 2.30 1.90 d.l 4.50 1.12 1.00 Dec. 1.60 3.34 m.a 6.22 0.79 14.86 1.54 2.45 2.12 d.l 5.50 1.12 1.30

Note:

1/ Listed on 21 November, 2011. 2/ Listed on 14 June, 2005. The code was changed on 4 July, 2013 from FGP to PBF (Paradise Beverages (Fiji) Limited). 3/ Listed on 16 December, 2004. 4/ Listed on 4 February, 2009. 5/ Listed on 30 March, 2005. 6/ Listed on 11 May, 2010. The notes were delisted on 20 April, 2013 and converted into Fiji Class Shares on the same date. 7/ Listed on 21 November, 2011. 8/ Fiji Class Shares listed on 29 April, 2013. 9/ Listed on 4 July, 2018. n.a - Data not available n.i - No issues n.t - No trading m.a - mergers and acquisitions d.l - delisted c.s - convertion to rate

Source: South Pacific Stock Exchange

A57 SHARE PRICES

SPSE Main Board Interest Rate Securities Board Period

PBP4/ PGI RBG RCF SPD TTS VBH FBL VIL YGL5/ PDM BCN8/ BCN6/ FFFN7/

- 2.10 1.76 3.00 m.a 1.96 3.00 - - 1.18 - - - 2008 0.91 2.10 1.82 2.45 m.a 1.97 2.98 - - d.l - - - 2009 0.95 0.92 1.81 2.35 m.a 1.90 2.99 - - d.l - 5.25 - 2010 0.90 2.10 2.05 2.30 m.a 1.87 2.98 - - d.l - 6.21 1.00 2011 0.85 2.00 2.15 2.30 m.a 2.20 3.00 - - d.l - 6.15 1.01 2012 0.89 2.00 2.44 2.30 m.a 2.20 3.08 - - d.l 7.06 d.l 1.02 2013 1.00 2.00 2.83 2.90 m.a 3.05 3.16 - - d.l 7.08 d.l 1.02 2014 1.25 1.00 3.08 3.55 m.a 3.10 3.60 - - d.l 7.16 d.l 1.02 2015 1.48 1.00 3.15 3.75 m.a 3.20 3.98 - 2.04 d.l 7.78 d.l c.s 2016 1.90 1.00 4.28 4.10 m.a 4.86 4.50 2.55 2.80 d.l 8.53 d.l c.s 2017 2.45 1.08 5.70 6.50 m.a 7.25 7.75 3.05 4.14 d.l 12.5 d.l c.s 2018 2.60 1.80 3.70 8.00 m.a 13.00 7.00 3.00 4.90 d.l 2.19 26.0 d.l c.s 2019

2017 1.48 1.00 3.26 3.75 m.a 3.20 3.98 2.35 2.08 d.l 7.81 d.l c.s Mar. 1.48 1.00 3.29 3.8 m.a 4.35 4.05 2.41 2.30 d.l 7.85 d.l c.s Jun. 1.48 1.00 3.60 3.85 m.a 4.85 4.05 2.48 2.52 d.l 7.85 d.l c.s Sep. 1.9 1.00 4.28 4.10 m.a 4.86 4.50 2.55 2.80 d.l 8.53 d.l c.s Dec.

2018 2.28 1.08 4.36 4.13 m.a 4.90 5.75 3.0 3.25 d.l 8.6 d.l c.s Mar. 2.28 1.08 4.85 4.25 m.a 4.90 6.85 2.90 3.46 d.l 8.95 d.l c.s Jun. 2.45 1.08 4.89 4.40 m.a 4.90 7.40 3.00 3.50 d.l 10.0 d.l c.s Sep. 2.45 1.08 5.70 6.50 m.a 7.25 7.75 3.05 4.14 d.l 12.5 d.l c.s Dec.

2019 2.50 1.08 6.76 6.50 m.a 7.25 7.75 2.96 4.38 d.l 16.0 d.l c.s Mar. 2.60 1.08 8.05 6.71 m.a 11.50 7.40 2.96 4.55 d.l 21.0 d.l c.s Jun. 2.60 1.08 9.03 8.00 m.a 12.80 7.30 2.70 4.32 d.l 1.90 22.0 d.l c.s Sep. 2.60 1.80 3.70 8.00 m.a 13.00 7.00 3.00 4.90 d.l 2.19 26.0 d.l c.s Dec.

A58 Table 41 GDP BY ACTIVITY AT CONSTANT BASIC ($ million)

Water Supply, Electricity, Gas, Wholesale & Retail & Forestry Sewerage, Waste Accomodation & Fishing & Mining & Steam & Air repair of Motor Transport & Period Agriculture & Manufacturing Management & Construction Food services Aquaculture Quarrying Condition Vehicles & Motor Storage Logging Remediation Acitivities Supply Cycles Acitivities

2011 472.6 32.6 118.7 90.0 807.1 109.3 18.5 153.7 669.2 359.3 369.5 2012 465.2 32.0 114.5 84.8 791.6 114.1 19.2 142.4 674.6 388.9 370.6 2013 497.1 40.6 115.3 58.4 838.2 121.1 19.6 165.7 696.4 451.2 380.4 2014 500.4 47.9 116.9 51.2 848.7 121.6 20.7 175.1 716.2 574.7 395.5

Note: n.a - not available

Sources: Fiji Bureau of Statistics and the Macroeconomic Committee

GDP BY ACTIVITY AT CONSTANT ($ million)

Water Supply, Electricity, Gas, Wholesale & Retail & Forestry Sewerage, Waste Accomodation & Fishing & Mining & Steam & Air repair of Motor Transport & Period Agriculture & Manufacturing Management & Construction Food services Aquaculture Quarrying Condition Vehicles & Motor Storage Logging Remediation Acitivities Supply Cycles Acitivities

2014 598.9 55.1 88.4 64.2 976.7 74.3 49.5 211.6 812.5 571.1 451.0 2015 636.4 43.4 84.4 74.7 1,034.1 91.8 50.4 220.1 842.0 542.4 475.4 2016(r) 580.9 24.2 75.7 79.3 1,095.8 109.8 50.5 242.3 917.0 487.7 428.8 2017(r) 650.8 22.5 80.9 62.9 1,111.3 147.0 57.1 265.7 932.7 539.6 453.7 2018(p) 686.9 27.9 70.9 54.4 1,127.6 189.2 60.3 285.4 905.2 530.5 481.2 2019(f) 715.9 27.1 72.4 51.1 1,141.2 198.7 62.0 290.1 911.5 511.9 504.2 2020(f) 741.9 27.3 74.0 51.4 1,157.0 204.7 63.7 294.9 924.4 522.6 514.9 2021(f) 769.0 27.4 75.6 77.5 1,177.9 211.0 65.5 305.6 937.7 535.2 528.0 2022(f) 797.4 27.6 77.4 103.7 1,199.5 217.4 67.3 316.8 951.2 548.2 541.5

Note: 1/ Data from 2015-2018 are based on the Fiji Bureau of Statistics August 30, 2019 release. Forecasts for 2019-2022 are based on the Macroeconomic Committee's forecast as at October 2019. (r) - revised (p) - provisional (f) - forecast (e) - estimated n.a - not available

Sources: Fiji Bureau of Statistics and the Macroeconomic Committee

A59 PRICES OF 2011 (AT FACTOR COST)1/

Public Professional, Arts, Financial & Adminstration & Human Health Annual Information & Real Estate Scientific & Adminstrative & Entertainment & Other Service Insurance Defence; Education & Social Work GDP Percent Period Communication Activities Technical Support Services Recreation Activities Activities Compulsory Activities Change Activities Activities Social Security

340.7 528.7 287.5 128.0 132.9 437.4 409.6 138.0 21.6 113.9 5,738.8 n.a 2011 347.1 527.5 291.5 136.8 141.6 484.7 420.8 136.6 22.5 112.8 5,819.8 1.4 2012 357.3 557.3 296.2 147.7 137.2 509.6 435.8 134.3 22.6 113.2 6,095.4 4.7 2013 367.7 629.5 296.9 157.2 146.0 548.6 448.7 136.3 22.4 114.6 6,436.9 5.6 2014

PRICES OF 2014 (AT FACTOR COST)1/

Public Professional, Arts, Financial & Adminstration & Human Health Annual Information & Real Estate Scientific & Adminstrative & Entertainment & Other Service Insurance Defence; Education & Social Work GVA Net Taxes GDP Percent Period Communication Activities Technical Support Services Recreation Activities Activities Compulsory Activities Change Activities Activities Social Security

385.8 737.7 288.9 171.3 143.7 678.9 550.8 184.6 27.3 88.0 7,210.3 1,956.7 9,167.0 n.a 2014 426.9 742.8 294.8 173.3 154.7 737.3 565.9 186.1 27.5 91.3 7,495.4 2,099.1 9,594.6 4.7 2015 463.9 728.3 268.1 181.1 138.2 755.2 591.4 190.2 29.2 91.9 7,529.3 2,306.1 9,835.4 2.5 2016(r) 447.0 772.3 291.3 186.9 144.0 777.2 615.7 188.9 28.9 91.2 7,867.7 2,501.3 10,369.0 5.4 2017(r) 457.3 781.2 298.6 188.3 148.6 797.9 620.3 200.9 29.6 93.0 8,035.1 2,699.5 10,734.6 3.5 2018(p) 475.3 794.7 300.6 191.2 151.4 800.0 630.6 210.8 30.2 93.4 8,164.2 2,672.5 10,836.7 1.0 2019(f) 493.6 808.9 302.6 194.2 154.5 806.1 641.2 217.1 30.8 93.9 8,319.7 2,699.2 11,019.0 1.7 2020(f) 512.8 823.4 304.6 198.0 157.6 822.2 652.0 224.1 31.4 94.4 8,531.0 2,807.2 11,338.2 2.9 2021(f) 532.8 838.2 306.6 201.8 160.8 838.6 662.9 230.9 32.1 94.9 8,747.9 2,933.5 11,681.4 3.0 2022(f)

A60 Table 42 GROSS DOMESTIC PRODUCT 2011 BASE

Period Current Prices Constant Basic Price

Growth of Estimated Growth Real Growth Nominal GDP Nominall GDP GDP Mid Year of GDP GDP of GDP per capita (Nominal) Population per capita (Real)

($M) (%) ('000) ($) (%) ($M) (%)

2011 6,768.5 n.a 852.5 7,939.6 n.a 5,738.8 n.a 2012 7,109.5 5.0 856.8 8,298.2 4.5 5,819.8 1.4 2013 7,715.7 8.5 860.1 8,971.2 8.1 6,095.4 4.7 2014 8,462.4 9.7 863.9 9,795.7 9.2 6,436.9 5.6

GROSS DOMESTIC PRODUCT 2014 BASE

Period Current Price Constant Price

Growth of Estimated Growth Real Growth Nominal GDP Nominall GDP GDP Mid Year of GDP GDP of GDP per capita (Nominal) Population per capita (Real)

($M) (%) ('000) ($) (%) ($M) (%)

2014 9,167.0 n.a 863.9 10,611.3 n.a 9,167.0 n.a 2015 9,822.1 7.1 867.6 11,321.2 6.7 9,594.6 4.7 2016(r) 10,327.3 5.1 871.3 11,852.3 4.7 9,835.4 2.5 2017(r) 11,065.0 7.1 884.9 12,504.4 5.5 10,369.0 5.4 2018(p) 11,557.4 4.5 890.2 12,983.0 3.8 10,734.6 3.5 2019(f) 11,951.3 3.4 895.5 13,345.4 2.8 10,836.7 1.0 2020(f) 12,551.0 5.0 900.9 13,931.5 4.4 11,019.0 1.7 2021(f) 13,295.6 5.9 906.3 14,669.9 5.3 11,338.2 2.9 2022(f) 14,098.8 6.0 911.8 15,463.4 5.4 11,681.4 3.0

Note: Data from 2015-2018 are based on the Fiji Bureau of Statistics August 30, 2019 release. Forecasts for 2019-2022 are based on the Macroeconomic Committee's forecast as at October 2019. (f) - forecast (p) - provisional (r) - revised n.a - not available

Sources: Fiji Bureau of Statistics and the Macroeconomic Committee

A61 Table 43 TOURIST STATISTICS

Period Total Departures Average Length Visitor Days Index1/ Visitor Arrivals of Stay (days)

1994 312,407 8.5 144 318,874 1995 313,800 8.5 144 318,495 1996 335,212 8.3 150 339,560 1997 354,550 8.1 156 359,441 1998 366,711 8.5 169 371,342 1999 404,510 8.3 183 409,955 2000 294,286 8.7 139 294,070 2001 342,067 8.6 159 348,014 2002 395,118 8.5 183 397,859 2003 424,058 8.6 199 430,800 2004 461,281 9.1 228 504,075 2005 535,063 9.6 278 545,145 2006 546,247 9.7 288 548,589 2007 535,190 9.4 274 539,881 2008 578,962 9.6 300 585,031 2009 536,889 9.8 286 542,186 2010 694,295 9.6 360 631,868 2011 799,462 9.4 408 675,050 2012 784,335 9.6 408 660,590 2013 680,221 9.5 351 657,707 2014 680,290 9.5 349 692,630 2015 735,368 9.5 380 754,835 2016 756,288 11.2 458 792,320 2017(r) 800,441 11.2 484 842,884 2018(p) 831,639 11.2 503 870,309

2017(r) Mar. 162,636 11.1 392 163,226 Jun. 189,636 11.1 457 209,460 Sep. 242,103 10.1 531 249,453 Dec. 206,066 12.3 550 220,745

2018(p) Mar. 168,816 11.1 407 171,504 Jun. 196,875 11.1 474 212,478 Sep. 257,137 10.1 564 265,191 Dec. 208,811 12.3 557 221,136

2019(p) Mar. 174,180 11.1 418 171,861 Jun. 218,874 11.1 527 235,634 Sep. 259,890 10.1 570 266,564

Note: 1/ Visitor Days Index = total departures multiply by average length of stay and expressed as a ratio of base (where base refers to the average 12 months of 1982 = 153,612 days). (p) - provisional (r) - revised

Source: Fiji Bureau of Statistics A62 Table 44 VISITOR ARRIVALS NUMBER BY COUNTRY OF RESIDENCE

Period Australia New Zealand United Canada United Continental Japan Pacific Others Total States of Kingdom Europe Islands America

1994 85,532 53,495 45,351 12,018 23,915 31,004 39,782 17,931 9,846 318,874 1995 78,503 59,019 39,736 10,412 24,409 30,968 45,300 17,461 12,687 318,495 1996 79,534 63,430 38,707 11,431 28,907 31,875 44,598 18,545 22,533 339,560 1997 80,351 68,116 44,376 13,359 35,019 32,806 44,783 20,381 20,250 359,441 1998 100,756 70,840 48,390 12,837 39,341 29,334 35,833 22,850 11,161 371,342 1999 118,272 72,156 62,131 13,552 40,316 28,371 37,930 26,090 11,137 409,955 2000 76,883 49,470 52,534 10,532 29,215 22,506 19,674 21,534 11,722 294,070 2001 98,213 66,472 57,711 10,752 30,508 20,917 20,411 23,608 19,422 348,014 2002 123,606 68,293 58,815 9,802 43,393 21,654 26,382 24,051 21,863 397,859 2003 141,873 75,016 58,323 10,990 49,794 21,847 23,464 28,167 21,326 430,800 2004 176,195 103,900 65,211 12,435 47,668 22,720 24,392 26,182 25,372 504,075 2005 203,250 112,932 62,640 12,625 44,472 25,123 22,304 28,476 33,323 545,145 2006 206,529 107,277 66,631 14,372 38,239 26,801 23,794 29,725 35,221 548,589 2007 207,001 99,744 64,687 16,992 34,785 26,311 22,800 34,221 33,340 539,881 2008 247,608 100,018 63,667 17,871 33,935 29,512 21,918 35,936 34,566 585,031 2009 248,589 90,898 51,592 13,452 26,213 28,926 14,975 35,078 32,463 542,186 2010 318,185 97,857 53,122 12,970 23,813 29,115 12,011 39,198 45,597 631,868 2011 344,829 103,181 55,089 14,099 24,054 32,354 9,616 38,823 53,005 675,050 2012 337,291 106,122 56,478 13,426 17,076 29,327 7,069 38,886 54,915 660,590 2013 340,151 108,239 55,385 13,052 17,209 28,905 7,314 39,450 48,002 657,707 2014(p) 349,217 123,968 61,924 12,457 16,782 30,585 5,888 39,298 52,511 692,630 2015(p) 367,273 138,537 67,831 11,709 16,716 31,195 6,092 48,570 66,912 754,835 2016(p) 360,370 163,836 69,628 11,780 16,712 31,916 6,274 49,741 82,063 792,320 2017(p) 365,689 184,595 81,198 12,421 16,925 34,638 6,350 53,720 87,348 842,884 2018(p) 365,660 198,718 86,075 13,220 16,297 37,433 11,903 51,654 89,349 870,309 2019(p) 367,020 205,998 96,968 13,269 16,856 36,058 14,868 54,369 88,983 894,389

2017(p) Mar. 69,220 23,732 17,139 2,968 4,227 7,898 1,767 14,028 22,247 163,226 Jun. 91,823 46,859 21,091 3,018 4,103 8,386 1,315 12,059 20,806 209,460 Sep. 103,815 68,653 22,485 3,401 4,440 8,722 2,055 13,189 22,693 249,453 Dec. 100,831 45,351 20,483 3,034 4,155 9,632 1,213 14,444 21,602 220,745

2018(p) Mar. 70,523 27,121 18,832 3,189 4,047 8,340 1,442 14,057 23,953 171,504 Jun. 89,324 50,518 23,191 2,841 3,739 8,207 1,165 12,101 21,392 212,478 Sep. 105,834 74,312 22,891 3,995 4,357 10,869 5,913 12,636 24,384 265,191 Dec. 99,979 46,767 21,161 3,195 4,154 10,017 3,383 12,860 19,620 221,136

2019(p) Jan. 27,860 11,573 5,709 1,121 1,265 2,906 1,127 5,203 7,043 63,807 Feb. 15,489 7,145 5,855 1,023 1,375 2,355 1,203 5,011 9,292 48,748 Mar. 22,972 9,457 8,323 1,247 1,471 2,758 1,468 4,240 7,370 59,306 Apr. 32,850 16,126 7,938 1,090 1,444 3,223 1,125 4,646 8,371 76,813 May 30,035 16,372 8,585 984 1,374 2,536 944 4,179 8,160 73,169 Jun. 34,620 23,076 10,504 949 1,605 2,708 803 4,471 6,916 85,652 Jul. 36,799 27,963 9,926 1,601 2,020 3,541 1,571 4,849 8,106 96,376 Aug. 32,725 24,790 8,721 1,244 1,446 4,468 2,363 4,091 8,986 88,834 Sep. 33,329 21,632 8,027 897 1,246 3,031 1,491 4,298 7,403 81,354 Oct. 33,739 19,024 8,428 886 1,164 3,214 810 4,256 5,946 77,467 Nov. 31,701 13,788 7,922 1,043 1,171 2,749 870 4,882 4,997 69,123 Dec. 34,901 15,052 7,030 1,184 1,275 2,569 1,093 4,243 6,393 73,740

Note: (p) - provisional

Source: Fiji Bureau of Statistics

A63 Table 45 HOTEL STATISTICS

Period Room Nights Guest Nights Hotel Gross Hotel Turnover Tourism Turnover to Available Sold Occupancy1/ Overseas Local Total1/ Earnings Gross Tourism Earnings1/ ('000) ('000) (%) ('000) ('000) ('000) (F$m) (F$m) (%)

1994 1,849 1,008 54.5 1,700 278 1,977 206 393 52.6 1995 1,884 1,014 53.8 1,682 286 1,968 214 405 52.9 1996 1,914 1,022 53.4 1,716 299 2,015 218 415 52.7 1997 1,960 1,073 54.4 1,806 301 2,107 239 447 53.6 1998 2,036 1,144 56.2 1,991 320 2,312 269 483 55.8 1999 2,066 1,259 60.9 2,141 347 2,488 315 559 56.4 2000 2,001 971 48.5 1,519 330 1,849 247 397 62.3 2001 1,966 928 47.2 1,463 321 1,784 231 464 49.7 2002 2,128 1,183 55.6 1,914 392 2,307 307 563 54.6 2003 2,203 1,237 56.1 2,015 412 2,427 327 646 50.6 2004 2,347 1,447 61.7 2,489 453 2,942 397 725 54.7 2005 2,420 1,552 64.1 2,760 479 3,239 458 813 56.3 2006 2,735 1,543 56.4 2,643 499 3,142 485 823 59.0 2007 2,958 1,470 49.7 2,390 554 2,944 438 784 55.9 2008 3,484 1,575 45.2 2,489 579 3,068 528 888 59.5 2009 3,515 1,485 42.2 2,357 582 2,939 518 975 53.1 2010 3,627 1,661 45.8 2,890 665 3,555 649 1,194 54.3 2011 3,653 1,732 47.4 3,103 650 3,752 756 1,287 58.8 2012 3,698 1,746 47.1 3,121 649 3,770 793 1,300 61.0 2013 3,687 1,800 48.8 3,170 712 3,883 835 1,318 63.4 2014 3,742 1,878 50.2 3,301 760 4,062 877 1,512 58.0 2015 3,593 1,983 55.2 3,489 764 4,253 954 1,683 56.7 2016 3,517 1,818 51.7 3,068 790 3,858 893 1,823 49.0 2017 3,664 1,923 52.5 3,278 803 4,081 1,058 1,924 55.0 2018 3,807 2,051 53.9 3,398 866 4,264 1,122 2,010 55.8

2017 Mar. 883 406 46.0 639 170 809 179 342 52.5 Jun. 952 488 51.3 843 200 1,043 275 460 59.8 Sep. 929 535 57.6 963 206 1,169 327 610 53.6 Dec. 901 493 54.8 834 227 1,061 277 513 54.0

2018 Mar. 934 435 46.6 652 188 840 205 358 57.2 Jun. 981 517 52.6 843 223 1,066 285 480 59.2 Sep. 961 584 60.8 1,068 218 1,285 348 649 53.6 Dec. 931 515 55.4 834 238 1,072 285 523 54.6

2019(p) Mar. 938 443 47.2 672 199 872 234 367 63.7 Jun. 1,012 564 55.7 995 213 1,207 399 529 75.5 Sep. 1,019 633 62.1 1,139 230 1,369 371 648 57.4

Note: 1/ Subject to rounding off. (p) - provisional

Source: Fiji Bureau of Statistics A64 Table 46 BUILDING AND CONSTRUCTION

Period Number of Value Number of Value of Value of Permits of Completion Completion Work Put Issued Permits Certificates Issued Certificates in Place ($m) ($m) ($m)

1992 2,624 94.8 861 37.6 112.0 1993 2,756 120.3 901 36.9 79.3 1994 2,756 130.4 1,350 63.9 85.1 1995 2,587 116.9 1,257 69.8 79.1 1996 2,357 108.8 1,166 53.9 90.8 1997 2,339 97.5 1,050 65.3 105.0 1998 2,389 167.0 1,065 56.2 97.9 1999 2,086 122.9 876 61.9 99.8 2000 1,456 83.2 710 38.4 86.3 2001 1,449 62.8 665 69.5 66.9 2002 1,865 168.3 578 63.3 100.1 2003 1,838 161.6 604 37.7 126.6 2004 1,891 185.2 645 55.5 160.0 2005 1,845 142.9 689 62.5 271.0 2006 1,853 359.0 610 62.7 316.7 2007 1,364 151.3 561 70.7 230.3 2008 1,192 83.7 377 41.2 254.0 2009 1,119 101.9 347 64.6 250.3 2010 1,210 203.8 416 92.7 259.4 2011 1,324 166.1 465 111.4 257.1 2012 1,396 487.9 515 63.1 279.3 2013 1,412 199.2 506 54.6 360.3 2014 1,511 220.3 546 109.1 415.2 2015 1,612 226.6 532 103.3 466.7 2016 1,605 252.1 555 82.6 513.9 2017 1,618 353.2 588 126.1 540.4 2018 1,725 370.0 663 195.9 604.3

2017 Mar. 406 75.8 133 27.2 129.9 Jun. 375 91.7 146 25.2 134.4 Sep. 412 69.1 152 26.2 135.8 Dec. 425 116.7 157 47.4 140.3

2018 Mar. 415 96.2 153 50.1 146.3 Jun. 441 100.7 169 52.0 148.2 Sep. 439 102.3 174 61.6 151.8 Dec. 430 70.9 167 32.2 157.9

2019 Mar. 422 81.9 170 27.8 163.7 Jun. 399 90.1 167 32.3 165.7 Sep. 384 62.4 164 25.8 162.4

Source: Fiji Bureau of Statistics A65 Table 47 INVESTMENT

Period Gross Fixed Capital Formation Percent of GDP1/

General Private Change General Private Change in Total in Total Government & Public Government & Public Enterprises Inventories Enterprises Inventories ($m) ($m) ($m) ($m) (%) (%) (%) (%)

1980 45.4 204.4 63.4 313.2 4.6 20.8 6.4 31.8 1981 72.8 207.6 81.7 362.2 6.9 19.7 7.7 34.3 1982 61.0 201.7 21.9 284.5 5.5 18.1 2.0 25.6 1983 36.3 202.9 2.4 241.6 3.2 17.8 0.2 21.2 1984 37.9 180.1 23.3 241.3 3.0 14.1 1.8 18.9 1985 40.8 198.2 12.2 251.3 3.1 15.1 0.9 19.1 1986 43.2 172.1 51.1 266.5 3.0 11.8 3.5 18.2 1987 33.6 196.3 4.5 234.4 2.3 13.4 0.3 16.0 1988 40.4 151.1 12.6 204.1 2.5 9.5 0.8 12.9 1989 56.8 154.3 24.5 235.6 3.2 8.8 1.4 13.4 1990 64.7 183.1 35.0 282.8 3.3 9.2 1.8 14.3 1991 81.8 213.1 26.0 320.9 4.0 10.4 1.3 15.7 1992 68.8 195.1 30.0 293.9 3.0 8.5 1.3 12.8 1993 63.3 301.6 38.0 402.9 2.5 12.0 1.5 16.0 1994 68.9 251.6 40.0 360.5 2.6 9.4 1.5 13.5 1995 66.6 283.5 30.0 380.0 2.4 10.3 1.1 13.7 1996 88.3 405.5 5.2 499.0 3.0 13.7 0.2 16.7 1997 95.6 466.9 -8.9 553.7 3.2 15.6 -0.3 18.3 1998 110.1 769.5 48.0 927.6 3.4 23.6 1.5 28.2 1999 129.6 682.6 59.4 871.6 3.4 18.0 1.6 22.9 2000 104.3 446.8 67.7 618.8 2.9 12.5 1.9 17.3 2001 138.9 438.8 31.9 609.6 3.7 11.6 0.8 16.2 2002 183.7 588.1 23.7 795.8 4.6 14.6 0.6 19.8 2003 177.4 763.1 25.2 965.7 4.0 17.4 0.6 22.1 2004 162.5 710.7 31.1 904.3 3.4 15.1 0.7 19.3 2005 153.6 835.6 71.2 1,060.4 3.0 16.6 1.4 21.0 2006 170.7 741.6 80.9 993.2 3.2 13.9 1.5 18.6 2007 117.8 609.1 122.4 849.3 2.2 11.2 2.2 15.6 2008 144.0 1,027.3 143.9 1,315.2 2.6 18.3 2.6 23.4 2009 226.2 683.1 158.4 1,067.7 4.0 12.2 2.8 19.0 2010 173.8 783.0 172.0 1,128.8 2.9 13.0 2.9 18.7 2011 212.7 1,010.8 197.7 1,421.2 3.1 14.9 2.9 21.0 2012 246.9 814.3 166.8 1,228.0 3.5 11.5 2.3 17.3 2013 376.6 1,627.4 128.1 2,132.1 4.9 21.1 1.7 27.6 2014(r) 400.6 1,088.5 133.1 1,622.2 4.4 11.9 1.5 17.7 2015(r) 503.2 1,218.8 240.2 1,962.2 5.1 12.4 2.4 20.0 2016(r) 623.8 1,096.2 173.1 1,893.1 6.0 10.6 1.7 18.3 2017(r) 817.8 1,151.6 230.8 2,200.2 7.4 10.4 2.1 19.9 2018(p) 358.2 1,237.8 0.0 1,596.0 3.1 10.7 0.0 13.8

Note: 1/ Subject to rounding off. Investment data as a percent of GDP from 1980-1988 is based on nominal GDP derived under the 1977 base, data from 1989-1994 reflect nominal GDP derived under the 1989 base, data from 1995-2004 reflect nominal GDP derived under the 1989 base, data from 2005-2007 reflect nominal GDP derived under the 2005 base, data from 2008-2010 reflect nominal GDP derived under the 2008 base, data from 2011-2013 is based on nominal GDP derived under the 2011 base while data from 2014-2018 is based on nominal GDP derived under the 2014 base.

(p) - provisional (r) - revised

Source: Fiji Bureau of Statistics

A66 Table 48 GOVERNMENT ($ million)

Period Operating Expenditure

Wages & Travel/ Maint- Purchase of Operating Special Pension/ Salaries2/ Communi- enance & Goods & Grants/ Expenses Compassionate cation Operation Services Transfers Allowance

1992 283.8 12.1 23.5 45.0 62.5 25.7 25.8 1993 304.5 12.8 26.6 48.4 69.4 47.5 26.6 1994 309.2 13.3 25.0 50.6 78.1 14.9 28.9 1995 312.6 13.0 23.6 51.1 79.4 17.9 29.6 1996 324.9 13.7 26.0 58.3 87.0 18.7 30.2 1997 354.9 14.5 24.9 60.2 92.7 20.6 22.4 1998 382.8 13.3 24.4 62.8 100.2 45.4 32.1 1999 403.2 14.0 25.5 64.7 101.1 55.0 32.0 2000 429.1 14.2 32.2 78.5 107.0 25.2 35.5 2001 440.7 16.8 33.9 79.5 138.7 33.7 37.3 2002 467.7 20.9 37.1 91.0 156.1 32.3 35.8 2003 497.9 18.6 36.6 87.8 153.8 40.8 36.2 2004 519.3 20.9 37.0 85.7 165.9 39.2 34.9 2005 525.3 20.7 77.6 52.9 182.2 49.5 37.2 2006 631.5 21.0 94.6 61.3 184.3 59.7 36.5 2007 584.7 19.0 90.1 74.5 177.0 43.0 35.6 2008 564.7 17.3 87.2 54.7 191.9 37.0 35.5 2009 597.2 18.4 93.2 67.4 202.6 46.7 36.1 2010 564.1 18.0 67.7 58.3 263.2 51.9 33.1 2011 569.3 20.5 72.4 67.1 292.4 38.9 33.4 2012 601.2 22.4 77.4 74.2 313.8 46.6 36.4 2013 622.7 25.5 89.0 71.7 343.5 60.2 35.3 2014 765.0 28.7 90.2 82.3 400.2 68.1 36.8 2015 826.8 29.2 91.0 89.4 435.5 74.9 38.9 2015-16 837.8 32.8 84.4 120.9 482.8 88.8 38.0 2016-17 854.0 36.6 69.9 140.3 518.4 67.9 34.9 2017-18 959.6 38.3 75.2 151.3 680.6 88.5 37.0 2018-19 1,016.9 37.8 78.1 161.6 685.5 87.4 34.4

2016-17 Oct-16. 224.1 7.7 10.5 21.0 107.1 14.0 9.3 Jan-17. 193.5 8.3 11.4 35.4 125.3 11.6 8.4 Apr-17. 202.7 8.3 21.7 37.9 115.5 13.7 7.5 Jul-17. 233.7 12.2 26.3 46.0 170.5 28.6 9.8

2017-18 Oct-17. 216.7 7.6 10.6 28.6 174.1 17.1 10.4 Jan-18. 243.2 8.7 14.5 35.7 147.3 20.5 9.0 Apr-18. 229.2 9.1 22.5 34.6 183.6 18.5 8.3 Jul-18. 270.4 12.9 27.6 52.5 175.6 32.3 9.3

2018-19 Oct-18. 241.8 8.9 13.2 37.6 186.0 14.1 9.6 Jan-19. 267.6 9.3 18.9 40.6 157.5 23.9 8.4 Apr-19. 237.8 8.1 20.7 38.1 158.9 28.7 8.5 Jul-19. 269.7 11.5 25.2 45.3 183.2 20.7 7.8

2019-20 Oct-19. 263.8 8.2 15.1 31.6 172.7 14.7 8.4

Note: 1/ Data subject to rounding off. 2/ Includes both established and non-established staff. 3/ From 2013, Charges on Public Debt only includes interest payments and miscellaneous charges associated with debt repayments. 4/ From 2015 onwards reflects Fiscal Year (2015-16, 2016-17, 2017-18 & 2018-19). It does not include debt repayments.

Sources: Government Accounts & Finance 1992-2000, Fiji Government Finance Report 2001-2015 and Ministry of Economy

A67 EXPENDITURE1/

Capital Expenditure Period

Charges Capital Capital Capital VAT Others Total on Public Debt3/ Construction Purchases Grants/ Expenditure Transfers

123.5 52.5 9.7 32.9 16.7 0.0 713.8 1992 153.0 49.2 9.5 35.7 35.6 0.0 818.8 1993 144.1 56.8 8.3 41.6 33.4 0.0 804.1 1994 169.5 49.5 10.0 18.5 34.4 0.0 809.1 1995 151.3 64.3 11.5 128.0 34.9 0.0 948.6 1996 180.2 78.0 9.5 174.9 49.4 0.0 1,082.0 1997 368.5 90.0 13.4 39.2 58.1 0.0 1,230.3 1998 287.8 87.9 33.2 38.8 60.8 0.0 1,204.1 1999 214.0 81.1 15.4 49.7 59.8 0.0 1,141.6 2000 208.8 104.4 21.8 60.5 64.1 13.5 1,253.7 2001 229.4 134.4 31.4 72.9 64.2 9.4 1,382.5 2002 237.5 146.9 10.7 86.1 93.7 1.3 1,447.9 2003 278.0 130.2 14.3 61.1 92.8 0.1 1,479.1 2004 328.5 120.9 24.1 68.5 100.8 0.6 1,588.8 2005 334.3 128.9 15.9 67.9 113.7 1.0 1,749.5 2006 405.6 95.2 12.0 86.5 103.1 0.9 1,726.2 2007 428.0 116.3 17.4 79.0 51.4 1.2 1,680.5 2008 463.1 162.6 40.2 132.2 51.6 0.8 1,911.4 2009 455.3 143.3 19.6 176.7 48.7 1.0 1,900.1 2010 770.2 181.9 20.5 292.1 44.0 0.0 2,402.8 2011 510.3 202.9 22.5 308.4 50.0 0.0 2,266.2 2012 260.5 54.8 36.4 495.2 41.7 0.0 2,136.3 2013 264.3 83.5 45.2 801.5 57.4 0.0 2,723.1 2014 295.4 87.2 45.8 912.0 55.6 0.0 2,981.8 2015 292.4 113.2 46.3 1,103.6 51.0 0.0 3,292.0 2015-16 276.7 83.0 48.5 894.1 35.9 0.0 3,060.3 2016-17 291.5 103.6 75.5 1,203.4 37.6 0.0 3,742.0 2017-18 326.7 107.4 53.7 971.0 38.4 0.0 3,599.0 2018-19

2016-17 69.2 10.6 8.6 108.8 7.4 0.0 598.4 Oct-16. 67.4 8.7 5.1 202.0 6.6 0.0 683.8 Jan-17. 70.2 22.4 12.9 160.8 9.2 0.0 682.9 Apr-17. 70.0 41.2 21.8 422.5 12.7 0.0 1,095.2 Jul-17.

2017-18 70.5 15.1 16.0 171.0 7.2 0.0 744.8 Oct-17. 72.1 23.5 7.3 352.9 7.1 0.0 942.0 Jan-18. 73.8 21.8 18.6 196.6 8.8 0.0 825.5 Apr-18. 75.1 43.3 33.6 482.8 14.4 0.0 1,229.8 Jul-18.

2018-19 76.8 14.6 9.1 193.1 6.4 0.0 811.4 Oct-18. 82.4 36.6 11.1 246.3 10.8 0.0 913.5 Jan-19. 80.2 20.2 14.3 171.3 8.7 0.0 795.5 Apr-19. 87.3 35.9 19.2 360.4 12.5 0.0 1,078.7 Jul-19.

2019-20 85.2 13.7 14.3 258.0 6.6 0.0 892.6 Oct-19.

A68 Table 49 GOVERNMENT REVENUE ($ million)

Period Indirect Direct Non-Tax Capital Grants Total Revenue Taxes Taxes Revenue2/ Revenue & Grants1/

1992 275.2 207.5 107.3 5.4 7.2 602.5 1993 335.4 192.2 118.8 3.5 4.1 654.1 1994 360.1 205.8 124.0 3.6 4.5 697.8 1995 376.9 225.5 101.7 8.6 6.2 718.9 1996 386.0 235.7 110.8 3.7 7.3 743.5 1997 423.8 241.0 131.7 2.0 4.9 803.5 1998 452.8 271.0 125.7 289.1 2.6 1,141.2 1999 518.5 270.0 171.5 42.8 1.7 1,004.5 2000 420.0 293.5 183.0 13.5 1.1 911.0 2001 456.1 284.4 155.5 4.1 0.5 900.5 2002 514.7 275.1 168.0 80.5 0.5 1,038.8 2003 660.6 269.3 133.7 0.7 2.0 1,066.3 20042/ 698.7 334.6 142.9 0.6 3.4 1,180.1 2005 713.3 352.5 151.6 0.1 4.4 1,221.9 2006 781.1 446.1 174.1 28.4 6.4 1,436.1 2007 792.0 438.3 160.9 10.7 3.5 1,405.5 2008 804.5 438.5 211.9 1.6 12.6 1,469.2 2009 756.3 452.9 202.6 60.5 6.2 1,478.6 2010 877.2 426.3 225.0 0.5 8.9 1,537.8 2011 1,112.4 478.8 205.7 0.4 6.8 1,804.1 2012 1,229.6 492.7 174.0 27.7 13.2 1,937.1 2013 1,429.7 449.7 191.0 12.2 15.7 2,098.4 2014 1,594.0 523.7 211.3 15.9 25.9 2,370.8 2015 1,754.8 605.1 166.6 255.4 18.3 2,800.2 2015-16 1,693.2 734.1 267.3 192.0 21.7 2,908.3 2016-17 1,815.5 763.7 228.3 11.2 18.8 2,837.4 2017-18 2,004.9 826.8 348.4 15.2 49.1 3,244.4 2018-19 2,065.3 754.4 297.3 23.9 42.0 3,183.0

2016-17 Oct-16. 466.1 172.1 70.7 3.2 3.1 715.2 Jan-17. 469.7 206.5 39.5 0.2 6.2 722.1 Apr-17. 420.5 150.8 33.5 0.4 2.3 607.5 Jul-17. 459.2 234.2 84.6 7.4 7.1 792.6

2017-18 Oct-17. 511.6 245.9 135.2 2.9 8.9 904.5 Jan-18. 522.1 218.2 60.5 4.4 2.2 807.4 Apr-18. 426.1 125.0 47.3 1.0 26.1 625.4 Jul-18. 545.1 237.7 105.4 7.0 12.0 907.2

2018-19 Oct-18. 556.9 193.5 78.2 5.2 9.3 843.1 Jan-19. 557.3 206.1 51.4 0.8 8.9 824.5 Apr-19. 436.5 134.7 72.4 15.4 11.3 670.4 Jul-19. 514.6 220.1 95.4 2.6 12.4 845.0

2019-20 Oct-19. 510.4 162.9 77.1 209.9 8.1 968.4

Note: 1/ Totals subject to rounding off. 2/ Ministry of Economy revision in classification of Non-tax revenue now includes capital revenue and grants from 2004 and onwards. 3/ 2015 onwards reflects Government Fiscal Year (2015-16, 2016-17, 2017-18 & 2018-19).

Sources: Government Accounts & Finance 1992-2000, Fiji Government Finance Report 2001-2015 and Ministry of Economy

A69 Table 50 GOVERNMENT SUMMARY OF REVENUE AND EXPENDITURE

Period ($ million) Percent of GDP Expenditure Expenditure with with amortisation Revenue Gross Net2/ Total Loan Interest amortisation Revenue Gross Net2/ Total Loan Interest Total1/ Total1/ Deficit/Surplus Deficit/Surplus Repayments Payments Total1/ Total1/ Deficit/Surplus Deficit/Surplus Repayments Payments

1992 713.8 602.5 -111.5 -55.9 55.6 67.9 31.0 26.2 -4.8 -2.4 2.4 2.9 1993 818.8 654.1 -164.7 -83.3 81.4 71.4 32.5 25.9 -6.5 -3.3 3.2 2.8 1994 804.1 697.8 -106.3 -35.4 70.8 73.3 30.1 26.1 -4.0 -1.3 2.6 2.7 1995 801.1 718.9 -90.2 -12.8 77.4 84.1 28.9 25.9 -3.3 -0.5 2.8 3.1 1996 948.6 743.5 -211.5 -144.9 66.6 84.7 31.7 24.9 -7.1 -4.9 2.3 2.9 1997 1,082.0 803.5 -278.9 -198.9 80.1 100.1 35.9 26.6 -9.2 -6.6 2.4 3.0 1998 1,230.3 1,141.2 -89.1 163.7 252.8 115.6 37.5 34.7 -2.7 5.0 7.7 3.5 1999 1,141.6 1,004.5 -199.5 -10.5 189.0 98.1 29.9 26.3 -5.2 -0.3 5.0 2.6 2000 1,141.6 911.0 -238.8 -120.6 118.2 95.8 32.0 25.5 -6.7 -3.4 3.3 2.7 2001 1,253.7 900.5 -339.7 -232.4 107.3 100.5 33.3 23.9 -9.0 -6.2 2.8 2.7 2002 1,382.5 1,038.8 -334.4 -213.1 121.3 28.6 34.5 25.9 -8.3 -5.3 3.0 0.7 2003 1,447.9 1,066.3 -380.3 -254.6 125.6 111.7 33.2 24.4 -8.7 -5.8 2.9 2.5 2004 1,479.1 1,176.2 -302.5 -145.9 156.6 119.0 31.5 25.1 -6.4 -3.1 3.3 2.5 2005 1,588.8 1,221.9 -366.3 -168.6 197.8 125.7 31.5 24.2 -7.3 -3.3 3.9 2.5 2006 1,749.5 1,401.3 -348.2 -157.3 191.0 140.9 32.8 26.3 -6.5 -3.0 3.6 2.6 2007 1,709.0 1,391.3 -334.9 -112.8 222.1 180.1 31.4 25.6 -6.2 -2.1 4.1 3.3 2008 1,680.5 1,454.9 -225.6 28.2 253.7 168.7 29.9 25.9 -4.0 0.5 4.5 3.0 2009 1,911.4 1,415.9 -495.5 -228.9 266.7 191.7 34.0 25.2 -8.8 -4.1 4.7 3.4 2010 1,900.1 1,537.8 -362.2 -130.8 231.4 217.9 31.5 25.5 -6.0 -2.2 3.8 3.6 2011 2,402.8 1,804.1 -598.6 -94.1 504.5 258.4 35.5 26.7 -8.8 -1.4 7.5 3.8 2012 2,266.2 1,937.1 -329.1 -76.5 252.5 257.7 31.9 27.2 -4.6 -1.1 3.6 3.6 2013 2,318.8 2,098.4 -220.4 -37.9 182.5 259.3 30.1 27.2 -2.9 -0.5 2.4 3.4 2014 2,925.3 2,370.8 -554.4 -352.3 202.2 263.0 31.9 25.9 -6.0 -3.8 2.2 2.9 2015 3,539.9 2,800.2 -739.7 -181.6 558.1 290.7 36.0 28.5 -7.5 -1.8 5.7 3.0 2015-16 4,368.9 2,908.3 -1,460.6 -383.7 1,076.9 283.9 43.2 28.8 -14.4 -3.8 10.6 2.8 2016-17 3,519.6 2,837.4 -682.2 -222.8 459.4 274.9 32.7 26.4 -6.3 -2.1 4.3 2.6 2017-18 3,947.5 3,239.5 -708.0 -502.5 205.5 289.6 34.8 28.5 -6.2 -4.4 1.8 2.6 2018-19 3,887.5 3,183.0 -705.0 -416.0 288.6 322.8 33.0 27.0 -6.0 -3.5 2.5 2.7

2016-17 Oct-16. 828.4 715.2 -113.2 116.8 230.1 68.8 7.7 6.7 -1.1 1.1 2.1 0.6 Jan-17. 758.0 722.1 -35.9 38.3 74.2 66.5 7.1 6.8 -0.3 0.4 0.7 0.6 Apr-17. 761.7 607.5 -154.2 -75.4 78.8 69.8 7.2 5.7 -1.4 -0.7 0.7 0.7 Jul-17. 1,171.5 792.6 -378.9 -302.6 76.3 69.8 11.0 7.4 -3.6 -2.8 0.7 0.7

2017-18 Oct-17. 796.1 904.5 108.4 159.7 51.3 70.3 7.0 8.0 1.0 1.4 0.5 0.6 Jan-18. 976.2 807.4 -168.8 -134.6 34.2 71.2 8.6 7.1 -1.5 -1.2 0.3 0.6 Apr-18. 856.0 625.4 -230.5 -200.0 30.5 73.3 7.5 5.5 -2.0 -1.8 0.3 0.6 Jul-18. 1,319.3 902.3 -417.0 -327.5 89.5 74.8 11.6 8.0 -3.7 -2.9 0.8 0.7

2018-19 Oct-18. 911.3 843.1 -68.6 31.7 99.9 76.8 7.7 7.2 -0.6 0.3 0.8 0.7 Jan-19. 978.5 824.5 -154.0 -89.0 65.0 82.4 8.3 7.0 -1.3 -0.8 0.6 0.7 Apr-19. 864.5 670.4 -194.2 -125.1 69.1 80.2 7.3 5.7 -1.6 -1.1 0.6 0.7 Jul-19. 1,133.3 845.0 -288.2 -233.6 54.6 83.5 9.6 7.2 -2.4 -2.0 0.5 0.7

2019-20 Oct-19. 971.8 968.4 -3.4 75.8 79.2 84.3 7.9 7.9 0.0 0.6 0.6 0.7

Note: 1/ Totals subject to rounding off. 2/ Net Deficit excludes total loan repayments. 3/ 2015 onwards reflects the Government Fiscal Year (2015-16, 2016-17, 2017-18 & 2018-19).

Sources: Government Accounts & Finance 1992-2000, Fiji Government Finance Report 2001-2015 and Ministry of Economy

A70 Table 51 GOVERNMENT

($ million)

End Treasury Bills of Period Reserve Commercial FNPF Insurance Sinking Others Total2/ Reserve Bank Banks Companies Fund Bank of Fiji of Fiji

1992 0.0 24.1 40.8 2.5 0.0 0.0 67.3 0.1 1993 6.7 34.1 82.8 0.0 0.0 0.0 123.5 0.1 1994 0.0 26.2 36.0 0.0 2.2 0.0 64.4 0.1 1995 0.0 7.5 10.0 0.0 10.0 0.0 27.5 0.1 1996 0.0 6.0 14.0 0.0 0.0 0.5 20.5 0.0 1997 0.0 11.5 28.5 1.0 0.0 0.0 41.0 0.0 1998 0.0 34.2 0.0 0.1 10.0 0.0 44.3 0.0 1999 0.0 38.0 64.0 0.0 0.0 16.0 118.0 48.5 2000 0.0 5.7 67.1 0.9 0.0 0.0 73.7 52.2 2001 0.0 36.8 141.2 0.0 0.0 0.0 178.0 51.4 2002 0.0 59.3 138.7 0.0 0.0 0.0 198.0 51.2 2003 0.0 138.0 141.5 0.0 0.0 1.3 280.8 82.4 2004 0.0 78.8 48.8 0.0 0.0 0.8 128.3 71.9 2005 0.0 104.8 22.5 0.4 0.0 9.3 137.0 123.0 2006 9.4 110.2 23.6 0.0 0.0 2.5 145.7 179.1 2007 0.0 110.7 8.0 0.0 0.0 23.0 141.6 162.1 2008 0.0 33.9 30.8 0.0 0.0 0.0 64.7 150.3 2009 0.0 96.8 0.0 0.0 0.0 3.2 100.0 174.2 2010 0.0 75.0 0.0 0.0 0.0 0.4 75.4 144.6 2011 0.0 52.6 5.4 5.6 0.0 7.5 71.1 130.5 2012 0.0 67.3 45.1 0.0 0.0 0.0 112.4 113.1 2013 0.0 37.9 64.7 0.0 0.0 0.0 102.6 90.9 2014 0.0 60.8 42.0 27.0 0.0 0.8 130.6 86.1 2015 0.0 107.1 33.9 3.5 0.0 1.2 145.6 82.8 2016 0.0 55.0 0.8 0.0 0.0 0.0 55.8 80.2 2017 0.0 68.5 0.0 0.0 0.0 0.0 68.5 75.3 2018 0.0 160.2 0.0 0.0 0.0 6.3 166.5 75.5 2019 48.5 215.0 10.0 0.0 0.0 4.0 277.5 60.0

2017 Mar. 0.0 36.9 0.0 0.0 0.0 0.1 37.0 78.9 Jun. 0.0 42.9 0.0 0.0 0.0 0.0 42.9 76.4 Sep. 0.0 81.5 0.0 0.0 0.0 0.0 81.5 74.7 Dec. 0.0 68.5 0.0 0.0 0.0 0.0 68.5 75.3

2018 Mar. 0.0 56.2 4.5 0.0 0.0 2.2 63.0 75.6 Jun. 0.0 156.2 4.5 0.0 0.0 6.2 167.0 75.8 Sep. 0.0 180.2 0.0 0.0 0.0 6.3 186.5 75.5 Dec. 0.0 160.2 0.0 0.0 0.0 6.3 166.5 75.5

2019 Jan. 0.0 139.2 0.0 0.0 0.0 2.3 141.5 72.3 Feb. 0.0 85.2 0.0 0.0 0.0 0.8 86.0 66.3 Mar. 20.0 59.0 0.0 0.0 0.0 0.0 79.0 60.9 Apr. 50.0 48.0 0.0 0.0 0.0 0.0 98.0 61.2 May 50.0 82.0 10.0 0.0 0.0 0.0 142.0 61.5 Jun. 105.0 91.0 10.0 0.0 0.0 4.0 210.0 60.2 Jul. 105.0 188.0 10.0 0.5 0.0 4.0 307.5 59.4 Aug. 105.0 180.0 10.0 0.5 0.0 4.0 299.5 59.5 Sep. 95.0 209.0 10.0 0.0 0.0 4.0 318.0 59.6 Oct. 80.0 206.0 10.0 0.0 0.0 4.0 300.0 59.8 Nov. 70.0 214.0 10.0 0.0 0.0 4.0 298.0 59.8 Dec. 48.5 215.0 10.0 0.0 0.0 4.0 277.5 60.0

Note: 1/ Government Domestic Debt is recorded in Nominal Value. 2/ Totals subject to rounding off.

Source: Reserve Bank of Fiji

A71 DOMESTIC DEBT1/

Bonds Misc. Total2/ End Domestic of Commercial FNPF Insurance Sinking Others Total2/ FNPF Debt Period Banks Companies Fund Inscribed Stock

136.3 326.1 75.3 12.6 7.2 557.7 251.1 876.1 1992 139.7 404.7 84.5 13.3 3.6 645.9 249.3 1,018.7 1993 155.6 593.0 103.6 17.3 5.5 875.2 249.3 1,188.9 1994 166.0 678.6 117.6 13.4 4.8 980.5 249.3 1,257.3 1995 186.4 783.6 138.7 2.4 15.2 1,126.2 242.1 1,388.8 1996 179.8 955.6 136.2 2.4 32.5 1,306.5 225.0 1,572.5 1997 72.8 753.0 94.9 0.0 25.3 945.9 70.4 1,060.6 1998 78.8 756.8 107.0 0.0 40.4 1,031.5 15.1 1,164.6 1999 86.6 854.1 119.5 0.0 44.6 1,157.0 1.6 1,232.3 2000 93.4 963.9 132.4 0.0 60.0 1,301.0 1.6 1,480.6 2001 104.6 1,102.1 160.9 0.0 82.4 1,501.1 0.0 1,699.1 2002 86.1 1,218.1 175.2 0.0 121.0 1,682.7 0.0 1,963.5 2003 106.5 1,464.0 197.6 0.0 146.5 1,986.5 0.0 2,114.8 2004 112.3 1,557.2 185.8 0.0 143.1 2,121.4 0.0 2,258.4 2005 105.7 1,680.3 193.3 0.0 142.2 2,300.7 0.0 2,446.3 2006 87.6 1,607.8 201.4 0.0 137.3 2,196.2 0.0 2,337.8 2007 94.9 1,743.3 219.6 0.0 138.1 2,346.3 0.0 2,411.0 2008 111.0 1,850.3 244.0 0.0 125.5 2,505.1 0.0 2,605.0 2009 95.5 2,108.0 286.5 0.0 124.7 2,759.3 0.0 2,834.7 2010 91.3 1,994.0 323.3 0.0 124.2 2,663.3 0.0 2,734.4 2011 35.8 1,704.7 386.8 0.0 381.7 2,622.1 0.0 2,744.1 2012 55.0 1,690.1 411.7 0.0 387.4 2,635.3 0.0 2,744.2 2013 93.8 1,668.0 476.5 0.0 370.7 2,695.2 0.0 2,825.8 2014 139.1 1,691.1 542.7 0.0 380.9 2,836.5 0.0 2,982.1 2015 133.4 1,909.9 585.9 0.0 430.4 3,139.9 0.0 3,195.7 2016 111.5 2,095.2 626.8 0.0 463.6 3,372.4 0.0 3,440.9 2017 110.1 2,372.6 680.0 0.0 472.6 3,710.7 0.0 3,877.2 2018 89.7 2,689.1 709.8 0.0 475.9 4,024.4 0.0 4,301.9 2019

2017 126.4 1,931.2 601.7 0.0 441.4 3,179.6 0.0 3,216.6 Mar. 111.6 1,958.5 601.7 0.0 441.7 3,189.9 0.0 3,232.8 Jun. 103.6 2,045.1 617.5 0.0 443.3 3,284.2 0.0 3,365.7 Sep. 111.5 2,095.2 626.8 0.0 463.6 3,372.4 0.0 3,440.9 Dec.

2018 124.2 2,157.6 635.9 0.0 471.1 3,464.4 0.0 3,527.4 Mar. 112.1 2,239.1 646.0 0.0 473.0 3,545.9 0.0 3,712.9 Jun. 110.1 2,301.6 661.2 0.0 475.0 3,623.3 0.0 3,809.8 Sep. 110.1 2,372.6 680.0 0.0 472.6 3,710.7 0.0 3,877.2 Dec.

2019 110.1 2,398.1 680.8 0.0 476.5 3,737.8 0.0 3,879.3 Jan. 110.1 2,512.2 681.5 0.0 477.1 3,847.2 0.0 3,933.2 Feb. 110.1 2,580.1 682.1 0.0 473.8 3,907.0 0.0 3,986.0 Mar. 110.1 2,624.1 683.7 0.0 473.5 3,952.6 0.0 4,050.6 Apr. 103.1 2,658.1 685.5 0.0 470.4 3,978.5 0.0 4,120.5 May 103.1 2,644.1 684.8 0.0 469.4 3,961.6 0.0 4,171.6 Jun. 103.0 2,647.8 688.1 0.0 471.9 3,970.2 0.0 4,277.7 Jul. 102.9 2,634.9 687.8 0.0 471.8 3,956.8 0.0 4,256.3 Aug. 101.8 2,681.2 697.2 0.0 477.7 4,017.6 0.0 4,335.6 Sep. 101.8 2,688.4 701.1 0.0 469.4 4,020.5 0.0 4,320.5 Oct. 101.8 2,672.3 699.5 0.0 469.6 4,003.1 0.0 4,301.1 Nov. 89.7 2,689.1 709.8 0.0 475.9 4,024.4 0.0 4,301.9 Dec.

A72 Table 52 EXTERNAL GENERAL GOVERNMENT DEBT ($ million)

Period Outstanding Debt1/ Amortisation Interest Payments

Gover- Public Total3/ Gover- Statutory Total Gover- Public Total nment Corporation2/ nment Bodies nment Corporation

1992 205.4 121.5 326.9 26.0 34.7 60.7 14.2 11.1 25.3 1993 190.4 91.6 281.9 24.2 32.8 57.0 13.6 9.2 22.8 1994 189.6 45.4 235.0 23.5 53.8 77.2 12.9 8.1 21.0 1995 194.5 34.9 229.4 26.2 17.3 43.5 12.6 2.1 14.8 1996 190.7 27.1 217.8 19.7 7.3 26.9 11.1 1.4 12.5 1997 200.2 25.4 225.6 15.8 3.5 19.3 10.1 1.1 11.1 1998 245.6 31.8 277.3 25.1 4.2 29.2 11.8 1.3 13.1 1999 190.6 21.9 212.4 35.5 7.9 43.4 12.2 1.1 13.3 2000 201.6 18.6 220.2 33.0 10.2 43.1 11.1 0.7 11.8 2001 199.4 15.1 214.5 20.3 3.8 24.1 9.5 0.4 9.9 2002 194.8 11.1 205.9 21.9 1.5 23.4 8.7 0.4 9.1 2003 169.9 7.9 177.8 15.8 1.5 17.3 8.3 0.2 8.4 2004 165.5 17.6 183.1 11.2 0.1 11.3 5.9 0.1 6.0 2005 164.4 33.1 197.5 12.8 0.1 13.0 5.5 0.0 5.5 2006 416.7 31.7 448.4 14.3 0.2 14.5 5.8 0.0 5.9 2007 397.0 26.6 423.6 17.1 0.2 17.3 22.8 0.2 23.0 2008 476.0 29.6 505.6 13.3 0.0 13.3 21.5 0.5 22.1 2009 527.5 25.5 553.0 21.2 0.2 21.4 25.2 0.5 25.7 2010 548.5 96.3 644.8 17.6 0.0 17.6 23.7 0.0 23.7 2011 832.1 96.4 928.5 285.1 0.0 285.1 41.8 0.0 41.8 2012 935.5 75.2 1,010.8 19.3 0.0 19.3 45.5 0.0 45.5 2013 1,094.1 79.9 1,174.0 19.7 0.0 19.7 49.6 0.0 49.6 2014 1,254.3 83.9 1,338.2 25.5 10.9 36.5 51.7 0.1 51.8 2015 1,245.8 81.3 1,327.1 558.1 17.7 575.8 76.3 0.9 77.1 2016 1,352.5 70.2 1,422.7 63.8 181.6 245.5 43.0 0.4 43.4 2017 1,399.5 69.6 1,469.1 42.9 0.0 42.9 46.3 0.0 46.3 2018 1,457.1 70.3 1,527.4 53.9 5.2 59.2 51.0 1.7 52.7 2019 1,434.1 70.1 1,504.1 55.7 0.9 56.5 57.1 1.2 58.3

2017 Mar. 1,304.3 68.7 1,373.1 23.0 0.0 23.0 21.1 0.0 21.1 Jun. 1,395.9 69.0 1,464.9 1.9 0.0 1.9 1.6 0.0 1.6 Sep. 1,380.0 68.7 1,448.7 17.7 0.0 17.7 20.9 0.0 20.9 Dec. 1,399.5 69.6 1,469.1 0.2 0.0 0.2 2.8 0.0 2.8

2018 Mar. 1,397.3 70.8 1,468.1 26.7 0.0 26.7 7.4 0.0 7.4 Jun. 1,447.0 72.2 1,519.2 0.2 0.8 1.0 16.6 0.0 16.6 Sep. 1,451.8 73.9 1,525.7 26.8 0.0 26.8 22.2 0.0 22.2 Dec. 1,457.1 70.3 1,527.4 0.2 4.4 4.6 4.9 1.7 6.5

2019 Jan. 1,447.0 69.4 1,516.4 0.0 0.0 0.0 0.5 0.0 0.5 Feb. 1,453.9 70.0 1,523.8 7.5 0.0 7.5 2.6 0.0 2.6 Mar. 1,439.2 70.5 1,509.7 20.0 0.0 20.0 5.5 0.0 5.5 Apr. 1,448.1 70.0 1,518.1 0.0 0.9 0.9 14.7 0.0 14.7 May 1,453.4 70.7 1,524.1 0.0 0.0 0.0 4.6 0.0 4.6 Jun. 1,442.7 69.8 1,512.5 0.2 0.0 0.2 0.9 0.0 0.9 Jul. 1,456.8 70.5 1,527.3 0.0 0.0 0.0 0.2 1.1 1.3 Aug. 1,466.7 71.7 1,538.3 8.1 0.0 8.1 2.6 0.0 2.6 Sep. 1,457.3 71.8 1,529.1 18.2 0.0 18.2 4.6 0.0 4.7 Oct. 1,446.0 71.2 1,517.3 1.4 0.0 1.4 15.8 0.0 15.8 Nov. 1,456.2 71.6 1,527.8 0.0 0.0 0.0 4.7 0.0 4.7 Dec. 1,434.1 70.1 1,504.1 0.2 0.0 0.2 0.6 0.0 0.6

Notes: 1/ Medium and long term debt outstanding at end period. 2/ Renamed from Statutory Bodies. 3/ Total debt includes Government and Public Corporation excluding amortisation & interest payments. Subject to rounding off.

Sources: Commonwealth Secretariat Debt Recording & Management System and Ministry of Economy

A73 Table 53 GOVERNMENT GROSS FINANCING ($ million)

Period Local Financing Foreign Financing Total1/

Local Treasury Total1/ Bilateral Commercial Multilateral Total1/ Bonds Bills Banks (change in holdings)

1992 62.0 18.4 80.4 0.7 0.0 10.6 11.3 91.7

1993 62.0 56.2 118.2 6.1 0.0 5.7 11.8 130.0

1994 83.6 -59.2 24.4 4.7 0.0 26.4 30.8 55.2

1995 101.0 -36.9 64.1 0.0 0.0 21.9 21.1 85.2

1996 193.0 -7.0 186.0 0.0 0.0 17.5 17.5 203.5

1997 262.3 20.5 282.8 0.0 0.0 8.7 8.7 291.5

1998 105.7 3.3 109.0 0.0 0.0 10.8 10.8 119.8

1999 186.0 73.7 259.7 0.0 0.0 6.2 6.2 265.9

2000 210.0 -44.3 165.7 0.0 0.0 15.0 15.0 180.7

2001 229.0 104.3 333.3 0.0 0.0 10.2 10.2 343.5

2002 299.0 20.0 319.0 0.0 0.0 26.2 26.2 345.2

2003 291.0 82.8 373.8 0.0 0.0 28.7 28.7 402.5

2004 449.2 -152.5 296.7 0.0 0.0 9.1 9.1 305.8

2005 320.0 8.7 328.7 0.0 0.0 9.0 9.0 337.7

2006 356.8 8.7 365.4 5.2 0.0 16.5 21.7 387.1

2007 100.5 -4.1 96.4 0.0 188.9 19.9 208.8 305.2

2008 341.3 -76.9 264.4 5.1 0.0 14.8 19.9 284.2

2009 404.2 35.3 439.5 15.7 0.0 9.7 25.5 465.0

2010 452.7 -24.6 428.2 29.5 0.0 31.9 61.4 489.6

2011 117.4 -4.3 113.1 79.4 435.6 36.6 551.6 664.7

2012 192.1 41.3 233.4 105.0 0.0 32.4 137.5 370.9

2013 172.8 -9.8 163.0 70.1 0.0 29.9 99.9 262.9

2014 233.4 28.0 261.4 100.2 0.0 20.2 120.4 381.8

2015 257.3 15.0 272.3 45.9 434.6 2.0 482.5 754.8

2016 393.3 -89.8 303.5 80.2 0.0 105.8 186.0 489.5

2017 351.4 12.7 364.1 0.0 0.0 122.3 122.3 486.4

2018 571.6 98.0 669.6 3.0 0.0 74.6 77.6 747.2

2019 519.8 111.0 630.8 0.5 0.0 37.5 38.0 668.8

2017 Mar. 60.7 -18.8 41.9 0.0 0.0 1.9 1.9 43.8 Jun. 40.7 5.9 46.6 0.0 0.0 116.0 116.0 162.6 Sep. 128.9 38.6 167.5 0.0 0.0 1.7 1.7 169.2 Dec. 121.1 -13.0 108.1 0.0 0.0 2.6 2.6 110.7

2018 Mar. 123.8 -5.5 118.3 0.0 0.0 7.7 7.7 126.0 Jun. 133.8 104.0 237.8 0.0 0.0 32.1 32.1 270.0 Sep. 139.0 19.5 158.6 2.2 0.0 34.4 36.6 195.2 Dec. 174.9 -20.0 154.9 0.7 0.0 0.4 1.1 156.0

2019 Mar. 241.4 -87.5 153.9 0.3 0.0 3.0 3.3 157.1 Jun. 93.6 131.0 224.6 0.0 0.0 8.5 8.5 233.1 Sep. 111.7 108.0 219.7 0.1 0.0 18.2 18.2 237.9 Dec. 73.2 -40.5 32.7 0.1 0.0 7.9 8.0 40.7

Note: 1/ Totals subject to rounding off. 1. Annual figures upto 1996 derived from Accounts and Finance reports. 2. Annual and Quarterly figures for Foreign Financing (1996-2004) derived from Statement of Government Finance.

Sources: Ministry of Economy and Reserve Bank of Fiji

A74 Table 54

CONSUMER PRICE INDEX (Average 12 Months 2011 = 100)

Alcoholic Housing, Year on Food and Furnishings Miscell- Beverages, Water, Year Non Clothing & Hhld Equip. Communi- Recreation Restaurant aneous Period All Items Tobacco Elec., Gas Health Transport Education Percent Alcoholic Footwear & Routine cations & Culture & Hotels Goods & and and Other Change Beverage Hhld Maint. Services Narcotics Fuels

Weight 1000.0 283.2 77.1 18.7 117.3 58.8 13.8 144.6 54.2 29.2 102.4 23.8 76.9

2011 6.3 101.4 100.3 104.6 100.0 100.4 101.5 99.4 105.7 100.2 99.8 100.1 101.7 99.1 2012 2.6 104.0 104.0 116.8 100.5 101.6 100.9 106.3 106.3 99.7 100.8 101.0 112.4 98.9 2013 3.4 107.6 109.3 123.8 103.8 102.5 103.9 108.5 106.2 99.7 108.4 107.6 121.9 98.6 2014 0.1 107.7 111.0 141.6 104.4 101.0 105.6 113.3 103.9 99.8 107.2 89.2 126.1 99.8 2015 1.6 109.4 116.6 151.9 107.0 96.7 106.4 114.6 101.2 100.0 109.6 89.2 126.1 103.6 2016 3.9 113.7 120.0 205.5 107.9 92.6 105.8 119.8 97.6 98.3 106.8 97.2 131.0 102.7 2017 2.8 116.9 116.7 259.2 108.7 94.7 104.8 120.5 99.4 98.1 107.3 97.2 135.0 101.7 2018 4.9 122.6 122.6 303.7 108.9 98.1 106.9 117.8 102.8 98.2 107.5 97.2 136.1 102.4

CONSUMER PRICE INDEX (Average 12 Months 2014 = 100)

Alcoholic Housing, Year on Food and Furnishings Miscell- Beverages, Water, Year Non Clothing & Hhld Equip. Communi- Recreation Restaurant aneous Period All Items Tobacco Elec., Gas Health Transport Education Percent Alcoholic Footwear & Routine cations & Culture & Hotels Goods & and and Other Change Beverage Hhld Maint. Services Narcotics Fuels

Weight 1000.0 347.1 105.7 21.7 126.8 50.0 14.1 138.7 44.2 16.1 75.3 29.8 30.5

2016 3.9 106.3 109.0 158.5 103.2 90.3 100.1 106.6 92.3 98.5 98.3 107.1 105.8 103.3 2017 2.8 109.3 106.0 199.9 103.9 92.3 99.2 107.2 94.0 98.3 98.7 107.1 109.0 102.3 2018 4.8 114.6 111.4 234.2 104.1 95.7 101.2 104.8 97.2 98.4 98.9 107.1 109.9 103.0 2019 -0.9 113.6 114.5 224.2 106.1 93.9 101.2 104.9 96.7 83.6 98.9 112.7 110.9 106.8

2016 Mar. 0.8 103.0 108.1 118.3 102.0 92.4 98.5 106.3 93.6 98.6 98.5 107.1 104.5 103.3 Jun. 5.3 106.0 113.7 142.5 103.8 89.6 100.5 107.7 91.7 98.6 99.1 107.1 105.2 103.2 Sep. 5.6 107.0 111.8 156.6 103.2 90.7 100.4 107.7 92.4 98.6 99.7 107.1 105.6 103.4 Dec. 3.9 106.3 109.0 158.5 103.2 90.3 100.1 106.6 92.3 98.5 98.3 107.1 105.8 103.3

2017 Mar. 5.6 108.8 111.4 175.5 104.0 91.8 101.8 106.4 93.9 98.3 98.5 107.1 107.4 102.7 Jun. 2.0 108.1 106.9 179.2 103.5 93.6 100.6 106.3 94.7 98.3 98.7 107.1 107.5 102.9 Sep. 2.1 109.2 107.1 193.5 103.1 92.4 100.8 106.4 94.2 98.3 98.6 107.1 108.7 102.6 Dec. 2.8 109.3 106.0 199.9 103.9 92.3 99.2 107.2 94.0 98.3 98.7 107.1 109.0 102.3

2018 Mar. 2.6 111.6 111.6 204.2 104.2 94.5 99.9 106.4 95.2 98.4 98.6 107.1 109.9 102.7 Jun. 4.6 113.1 112.4 219.2 104.1 93.7 100.5 104.9 95.4 98.4 98.9 107.1 109.9 102.6 Sep. 4.6 114.2 112.4 229.5 104.0 94.5 101.0 104.0 96.5 98.4 99.0 107.1 109.9 102.9 Dec. 4.8 114.6 111.4 234.2 104.1 94.7 101.2 104.8 97.2 98.4 98.9 107.1 109.9 103.0

2019 Jan. 5.1 116.0 116.4 237.6 104.3 94.9 101.0 104.8 96.1 98.4 99.0 107.1 109.2 103.0 Feb. 5.1 116.8 121.8 235.3 104.0 94.9 101.4 104.9 96.1 83.5 98.9 112.7 109.2 103.0 Mar. 4.0 116.1 120.2 233.7 104.6 94.9 101.3 104.3 96.1 83.4 99.0 112.7 109.8 103.0 Apr. 2.1 115.9 120.0 234.2 104.7 94.0 101.3 104.4 95.1 83.4 99.0 112.7 109.8 102.8 May 2.1 116.4 121.2 235.6 105.1 94.0 101.5 104.7 95.2 83.4 99.0 112.7 110.1 102.6 Jun. 2.8 116.3 120.6 236.2 105.0 94.0 101.2 104.8 95.2 83.4 98.9 112.7 110.2 102.8 Jul. 0.7 114.4 114.6 232.5 104.9 94.6 101.5 104.7 96.8 83.6 98.9 112.7 110.2 103.6 Aug. 1.2 115.1 117.5 230.5 105.1 94.6 101.5 104.8 96.9 83.6 99.0 112.7 110.2 104.0 Sep. 0.4 114.7 116.1 229.6 105.7 94.6 101.7 104.9 96.9 83.6 99.0 112.7 110.2 104.8 Oct. -0.9 113.9 115.3 225.7 105.8 93.3 101.7 104.9 96.3 83.6 98.9 112.7 110.2 105.8 Nov. -0.3 114.1 116.1 224.6 106.2 93.3 101.7 105.0 97.2 83.6 99.1 112.7 110.2 106.7 Dec. -0.9 113.6 114.5 224.2 106.1 93.9 101.2 104.9 96.7 83.6 98.9 112.7 110.9 106.8

1/ Series data revised. Source: Fiji Bureau of Statistics

A75 Table 55 WAGE AND SALARY EARNINGS

(Dollars)

Mean Period Agriculture Mining Manufacturing Construction Electricity Commerce Transport Services Wages/Salaries

Wages Daily 1990 10.96 14.80 11.44 15.36 18.16 12.80 15.76 13.96 13.36 1993 13.28 20.40 13.92 18.24 22.40 15.76 19.12 16.24 16.08 1996 15.68 24.24 16.32 18.96 24.64 20.00 19.84 19.12 18.72 1997 12.88 24.48 15.12 19.92 26.00 16.96 20.08 18.40 17.52 1998 13.36 25.36 14.48 20.48 26.96 17.60 20.64 18.32 17.36 2003 19.44 28.23 17.91 23.43 29.02 20.89 23.01 20.60 20.85 2004 19.50 30.28 18.95 24.29 29.56 20.56 23.69 25.33 21.65 2006 19.40 28.33 18.97 26.32 30.72 21.99 26.54 23.66 22.78 2007(r) 19.69 25.02 21.89 27.63 29.85 23.97 27.60 24.17 24.56 2009(p) 22.48 30.48 22.08 27.76 32.32 24.40 26.88 24.80 24.96 2010(r) 26.14 37.38 24.54 29.42 40.86 29.94 28.42 25.26 26.58 2011(r) 25.60 38.28 24.02 29.81 50.68 36.47 28.74 24.51 26.48

Salaries Annual 1990 8,627 16,724 10,668 10,618 9,406 8,920 9,761 9,662 9,342 1993 10,254 18,475 13,448 13,795 11,700 10,931 12,947 11,663 11,259 1996 14,771 22,956 12,666 15,119 14,117 11,202 14,235 13,080 12,139 1997 12,473 23,817 13,604 16,395 14,448 11,856 14,614 14,186 12,892 1998 13,426 26,280 14,210 17,038 16,366 11,927 15,126 16,478 15,703

Note: (r) - revised (p) - provisional

Source: Fiji Bureau of Statistics

A76 Table 56 MERCHANDISE EXPORTS1/ ($ million)

Domestic Exports Re-Exports Total Period Sugar Gold Garments Fish Timber Molasses Mineral Water Others Total Domestic Exports

2000 237.1 69.7 322.4 86.2 43.4 9.5 9.9 217.7 996.0 158.8 1,154.8 2001 225.2 85.4 305.2 93.0 39.6 12.3 24.5 205.6 990.7 230.6 1,221.3 2002 234.4 67.8 222.9 78.4 38.9 12.4 28.8 189.3 872.9 259.3 1,132.2 2003 225.7 76.5 243.2 79.4 30.8 6.9 45.6 250.2 958.3 310.9 1,269.2 2004 209.2 88.5 226.4 81.4 42.0 9.6 52.3 241.2 950.7 254.8 1,205.5 2005 223.7 59.3 120.4 82.9 45.1 9.9 67.9 238.5 847.6 345.0 1,192.6 2006 215.1 43.1 94.9 97.9 37.6 19.2 86.9 239.6 834.3 367.3 1,201.6 2007 185.0 2.6 97.1 101.3 47.7 10.1 105.4 279.6 828.8 381.0 1,209.8 2008 248.2 26.7 100.1 134.2 59.3 13.6 109.9 290.8 982.8 488.2 1,471.0 2009 187.1 41.0 83.9 156.7 36.7 20.8 80.2 288.5 894.8 335.5 1,230.3 2010 70.1 148.4 99.2 204.2 79.6 30.4 119.2 307.6 1,058.6 546.6 1,605.2 2011 127.1 143.0 89.9 95.0 62.1 16.2 127.5 347.2 1,008.0 908.3 1,916.3 2012 174.6 136.9 92.9 57.8 69.0 14.9 160.6 338.5 1,045.1 1,146.3 2,191.4 2013 142.2 101.2 106.9 95.1 81.4 15.6 156.4 327.1 1,025.9 1,068.2 2,094.1 2014 201.4 91.0 101.1 79.1 90.5 17.2 186.3 339.8 1,106.4 1,195.9 2,302.3 2015 129.3 93.1 110.2 109.7 85.1 19.6 199.7 404.1 1,151.0 908.3 2,059.2 2016(p) 117.2 121.1 102.3 107.3 57.5 5.6 214.4 410.3 1,135.8 814.7 1,950.4 2017(p) 178.6 118.7 91.4 94.3 19.7 18.0 243.4 424.4 1,188.7 846.9 2,035.6 2018(p) 78.5 113.7 97.3 100.8 100.4 15.1 263.5 423.9 1,193.2 983.7 2,176.9

2017(p) Mar. 0.0 12.2 23.3 20.5 3.1 2.6 68.1 96.6 226.5 177.0 403.5 Jun. 38.6 36.3 22.5 20.7 1.9 8.5 68.6 105.4 302.6 212.8 515.4 Sep. 106.9 37.3 22.1 28.8 2.2 0.0 45.6 112.5 355.4 269.3 624.8 Dec. 33.1 32.9 23.6 24.3 12.5 6.9 61.0 109.8 304.2 187.8 492.0

2018(p) Mar. 0.9 30.0 23.7 25.4 35.8 0.0 49.6 101.4 266.9 194.6 461.5 Jun. 0.8 26.5 22.7 18.9 9.6 4.5 64.0 99.8 246.9 271.6 518.5 Sep. 47.7 29.2 24.2 31.3 9.0 0.0 72.7 118.8 332.8 245.1 578.0 Dec. 29.1 28.0 26.7 25.2 45.9 10.6 77.2 103.9 346.5 272.4 618.9

2019(p) Mar. 0.9 23.5 22.1 21.3 19.6 3.6 57.6 98.4 247.0 294.3 541.5 Jun. 1.9 26.2 24.6 24.0 10.7 0.0 62.4 101.3 251.1 242.2 493.2 Sep. 21.9 30.9 24.5 28.5 18.5 1.6 111.9 104.2 342.0 288.4 630.4

1/ Differences from previously published tables are due to revisions. 2/Fish data includes Fresh fish & Preserved Fish from 2015 onwards. 3/Timber data includes Wood Chips & Mahogany from 2015 onwards.

(p) - provisional

Source: Fiji Bureau of Statistics

A77 Table 57 MERCHANDISE IMPORTS1/ ($ million)

Period Beverages Crude Mineral Oils Manufactured Machinery Miscellaneous Miscellaneous Food & Materials Fuels & Chemicals Goods Transport Manufactured Transactions Total Tobacco Fats Equipment Goods

2000 225.1 10.4 15.9 332.4 13.9 117.7 492.2 363.3 244.3 7.0 1,822.2 2001 313.1 14.8 13.7 443.5 16.1 144.8 423.1 420.5 217.9 9.5 2,017.0 2002 314.8 16.3 13.8 435.4 15.4 147.5 384.9 429.1 206.2 6.6 1,970.0 2003 335.2 17.5 16.3 463.0 20.9 162.8 445.5 579.4 236.7 7.4 2,284.7 2004 351.7 20.4 20.2 587.0 15.8 196.5 486.2 559.1 253.5 11.3 2,501.5 2005 355.5 21.7 21.7 784.0 18.1 206.2 452.2 591.1 264.0 8.3 2,722.8 2006 386.0 22.7 32.1 1,021.5 17.4 224.1 464.1 688.1 258.3 10.0 3,124.3 2007 394.3 21.6 24.4 958.2 24.8 218.5 422.5 568.8 246.0 10.9 2,890.1 2008 519.9 21.7 31.0 1,222.1 37.0 274.7 460.8 726.5 278.6 29.4 3,601.4 2009 521.5 22.5 25.0 720.4 29.1 225.4 404.3 604.9 240.6 14.2 2,808.0 2010 573.1 31.3 30.3 1,100.5 29.8 294.2 467.2 625.4 297.2 15.6 3,464.6 2011 729.7 33.6 30.5 1,165.7 47.3 301.5 465.6 837.1 282.7 17.6 3,911.3 2012 770.1 31.8 40.9 1,213.8 48.3 325.4 508.0 763.0 306.3 26.4 4,034.0 2013 743.2 36.0 48.9 1,219.9 43.7 337.9 560.0 1,822.3 358.6 28.4 5,198.9 2014 784.9 33.6 45.0 1,392.7 45.2 363.6 599.8 1,340.6 376.8 30.4 5,012.6 2015 800.0 48.6 39.2 997.2 47.2 391.2 696.9 1,283.5 417.2 35.8 4,756.8 2016(p) 793.8 44.8 66.8 725.0 41.6 418.6 773.6 1,470.6 469.1 35.1 4,839.1 2017(p) 794.9 49.3 47.9 930.5 51.6 427.3 760.4 1,373.3 496.5 32.0 4,963.8 2018(p) 802.0 58.1 71.6 1,165.2 49.3 500.0 808.4 1,728.6 486.0 26.9 5,696.1

2017(p) Mar. 171.7 10.1 8.3 216.0 9.6 102.9 169.2 331.5 103.4 5.8 1,128.5 Jun. 191.4 10.0 9.2 227.3 9.1 94.8 178.1 311.8 133.3 8.2 1,173.2 Sep. 223.5 16.7 17.7 216.4 14.2 106.3 209.1 327.5 136.7 9.0 1,277.1 Dec. 208.3 12.4 12.8 270.8 18.7 123.3 204.0 402.4 123.2 8.9 1,385.0

2018(p) Mar. 152.7 12.4 18.3 254.0 12.2 110.8 185.6 437.5 102.6 6.9 1,293.0 Jun. 202.6 14.9 12.0 253.4 12.1 123.3 173.6 431.3 99.6 8.4 1,331.1 Sep. 216.2 15.7 25.4 345.0 13.6 136.5 216.6 364.5 134.5 5.8 1,473.9 Dec. 230.5 15.1 15.9 312.8 11.4 129.4 232.6 495.3 149.3 5.8 1,598.0

2019(p) Mar. 154.6 13.2 20.2 254.0 6.7 100.7 194.1 493.9 102.2 10.1 1,349.8 Jun. 200.3 16.9 14.5 281.0 9.2 103.3 170.2 350.2 114.9 5.8 1,266.2 Sep. 225.1 12.3 11.2 316.9 11.0 117.4 182.5 399.2 120.0 5.3 1,401.0

1/ Differences from previously published tables are due to revisions. (p) - provisional

Source: Fiji Bureau of Statistics

A78 Table 58 BALANCE

($ million)

Period Current Account

Exports Imports Balance Balance on Balance on Balance on Current Current3/ (f.o.b) (f.o.b) on Goods Services Primary Secondary Account Account Income Income Balance % of GDP

2006 1,139.0 2,691.6 -1,552.6 600.8 -190.1 267.0 -874.9 -16.3 2007 1,158.0 2,529.0 -1,371.0 654.3 -149.9 246.1 -620.5 -11.3 2008 1,440.2 3,156.0 -1,715.8 770.0 -138.8 235.5 -849.1 -15.1 2009 1,201.8 2,429.1 -1,227.3 667.1 -22.4 349.3 -233.3 -4.2 2010 1,581.6 2,987.7 -1,406.1 1,041.3 -186.8 286.5 -265.1 -4.4 2011 1,915.4 3,427.9 -1,512.5 1,131.2 -204.6 256.8 -329.1 -5.3 2012 2,156.4 3,534.5 -1,378.1 1,160.4 -255.1 378.1 -94.7 -1.4 2013 2,095.8 4,245.4 -2,149.6 1,160.9 -150.9 376.7 -762.9 -9.7 2014 2,279.6 4,221.4 -1,941.8 1,270.8 -425.4 457.1 -639.3 -5.8 2015(r) 2,038.4 3,940.5 -1,902.1 1,449.9 -430.7 557.9 -325.0 -2.2 2016(p)(r) 1,942.4 4,028.6 -2,086.2 1,657.1 -569.7 595.9 -402.9 -3.9 2017(p)(r) 2,033.5 4,292.0 -2,258.5 1,681.6 -874.5 679.8 -771.6 -7.1 2018(p)(r) 2,115.4 4,936.0 -2,820.6 1,901.7 -752.7 656.7 -1,014.9 -8.8

2017(p)(r) Mar. 403.5 975.1 -571.6 284.6 -183.8 145.9 -324.9 - Jun. 516.0 992.5 -476.5 418.0 -201.0 187.7 -71.8 - Sep. 623.7 1,106.5 -482.8 555.0 -271.4 178.5 -20.7 - Dec. 490.3 1,217.9 -727.6 424.0 -218.3 167.7 -354.2 -

2018(p)(r) Mar. 459.5 1,127.6 -668.1 363.5 -148.2 181.3 -271.5 - Jun. 518.4 1,155.6 -637.2 445.6 -155.5 148.9 -198.2 - Sep. 577.1 1,262.7 -685.6 623.6 -189.6 167.7 -83.9 - Dec. 560.4 1,390.1 -829.7 469.0 -259.4 158.8 -461.3 -

2019(p)(r) Mar. 541.4 1,163.5 -622.1 297.4 -291.4 162.6 -453.5 - Jun. 493.8 1,101.3 -607.5 520.5 -307.1 188.0 -206.1 - Sep. 632.7 1,223.3 -590.6 579.2 -230.6 173.2 -68.8 -

Note: 1/ Differences from previously published tables are due to revisions. 2/ These tables are presented in general accordance with principles laid down by the International Monetary Fund, in the sixth edition of the Balance of Payments Manual. 3/ Gross Domestic Product (GDP) 2011-2017, figure based on 2011 current prices. (p) - provisional (r) - revised

Source: Fiji Bureau of Statistics

A79 OF PAYMENTS (ACCRUAL BASIS)1/

Capital and Financial Account Period Financial Account Capital Direct Investment Portfolio Investment Other Investment Financial Reserve Net Errors & Account Account Assets Liabilities Assets Liabilities Assets Liabilities Assets Omissions Balance Balance

3.5 1.0 795.0 -17.1 252.3 74.5 -15.6 -31.7 -1,005.0 -133.6 2006 4.7 -10.4 602.5 -117.7 7.7 -171.0 108.0 295.0 -722.3 -106.5 2007 8.2 -12.1 542.8 -21.1 2.2 269.4 98.2 -260.7 -667.7 173.2 2008 4.6 6.6 320.0 -24.2 -2.3 -42.2 570.5 397.1 -550.9 -322.2 2009 5.6 11.1 671.3 1.8 0.2 -78.5 -181.0 259.2 -296.9 -37.4 2010 10.6 2.1 722.5 10.1 -8.7 75.6 21.6 209.1 -438.5 -120.0 2011 7.1 3.5 673.7 61.0 0.0 160.4 151.4 121.6 -478.6 -391.1 2012 8.9 8.1 485.8 43.0 -9.8 240.4 556.3 140.1 -600.7 153.3 2013 8.2 72.3 659.9 20.5 0.0 -271.6 179.8 -72.2 -1,090.7 -459.6 2014 6.4 -69.2 644.4 33.7 -154.1 368.3 371.4 136.7 -392.2 -41.6 2015(r) 9.0 -34.4 816.6 31.7 -29.9 -105.9 -252.2 8.3 -634.8 -239.3 2016(p)(r) 9.1 -3.4 798.2 87.4 0.0 112.6 449.3 347.9 -703.0 59.5 2017(p)(r) 10.4 -7.6 717.6 113.1 41.3 -454.8 28.7 -263.8 -1,400.7 -380.9 2018(p)(r)

2017(p)(r) 1.7 0.2 171.0 46.0 0.0 -75.6 215.7 58.0 -358.1 -34.9 Mar. 2.5 -0.2 127.0 4.6 0.0 -151.9 234.6 304.1 -205.0 -135.7 Jun. 1.7 0.0 308.5 36.0 0.0 131.7 -54.9 123.7 37.8 56.8 Sep. 3.2 -3.4 191.7 0.8 0.0 208.4 53.9 -137.9 -177.7 173.3 Dec.

2018(p)(r) 2.8 -1.8 184.8 59.6 0.0 -85.4 -23.4 -114.4 -303.4 -29.3 Mar. 2.8 0.0 -15.5 8.8 20.4 -285.7 87.6 -20.7 -390.1 -188.6 Jun. 1.4 -7.8 192.1 42.7 0.0 -75.8 -79.3 -25.2 -178.9 -87.9 Sep. 3.4 2.0 356.2 2.0 20.9 -7.9 43.8 -103.5 -528.3 -75.1 Dec.

2019(p)(r) 1.4 -5.5 293.1 3.5 31.1 224.6 105.3 -95.3 -302.2 149.9 Mar. 1.8 -9.9 166.3 40.2 0.1 -83.4 -147.5 46.1 -25.9 178.3 Jun. 1.3 -2.1 113.3 12.1 0.0 -86.5 -146.5 180.6 137.3 204.8 Sep.

A80 Table 59 DIRECTION OF TRADE BY MAJOR TRADING PARTNER COUNTRIES1/ ($ million)

Country Year Imports Domestic Re-exports Total Trade (C.I.F.) Exports (F.O.B.) Exports Deficit (-) (F.O.B.) (F.O.B.) Surplus (+)

Australia 2016(p) 840.2 259.3 31.2 290.5 -549.7 2017(p) 825.6 247.5 54.4 302.0 -523.6 2018(p) 895.5 233.4 47.6 280.9 -614.6

New Zealand 2016(p) 843.0 65.5 70.4 136.0 -707.0 2017(p) 858.1 66.4 67.8 134.2 -724.0 2018(p) 832.7 66.7 75.9 142.6 -690.1

United Kingdom 2016(p) 42.0 70.6 2.1 72.7 30.7 2017(p) 39.4 94.5 1.1 95.5 56.2 2018(p) 47.2 7.3 1.0 8.3 -38.9

USA 2016(p) 134.5 288.1 59.9 348.0 213.6 2017(p) 142.1 323.1 46.5 369.6 227.5 2018(p) 130.9 317.5 61.9 379.4 248.5

Japan 2016(p) 332.1 31.5 28.7 60.2 -272.0 2017(p) 190.5 22.0 44.9 66.9 -123.6 2018(p) 266.6 89.5 71.9 161.5 -105.1

Singapore 2016(p) 743.8 3.6 6.7 10.3 -733.6 2017(p) 951.9 3.4 11.0 14.5 -937.4 2018(p) 1,187.3 4.3 11.0 15.3 -1,172.0

China, Peoples 2016(p) 741.9 40.0 59.5 99.5 -642.4 Republic 2017(p) 782.5 13.7 83.9 97.6 -684.9 2018(p) 929.6 55.8 69.1 125.0 -804.6

Hong Kong 2016(p) 126.8 26.4 6.2 32.6 -94.2 2017(p) 134.3 17.0 2.9 19.8 -114.5 2018(p) 151.7 6.6 1.7 8.3 -143.4

China, Taiwan 2016(p) 92.9 17.2 7.9 25.1 -67.8 2017(p) 96.2 17.0 30.3 47.4 -48.8 2018(p) 111.5 8.9 6.4 15.3 -96.2

Germany, Federal 2016(p) 20.7 3.3 0.3 3.6 -17.1 2017(p) 17.6 3.5 0.2 3.6 -14.0 2018(p) 19.6 2.0 0.8 2.2 -17.4

India 2016(p) 107.2 1.2 0.9 2.0 -105.2 2017(p) 117.4 0.8 28.6 29.4 -87.9 2018(p) 138.9 0.6 0.9 1.5 -137.4

Pacific Islands 2016(p) 23.2 175.5 189.3 364.8 341.6 2017(p) 36.9 178.8 172.3 351.1 314.3 2018(p) 38.5 193.8 253.3 447.1 408.6

Other Countries3/ 2016(p) 298.4 129.0 322.5 450.9 152.6 2017(p) 261.2 176.1 282.0 458.2 197.1 2018(p) 341.5 170.5 352.4 466.8 125.3

TOTAL 2016(p) 4,839.2 1,125.8 811.1 1,936.4 -2,902.8 2017(p) 4,963.8 1,188.7 846.9 2,035.6 -2,928.2 2018(p) 5,696.1 1,193.2 983.7 2,120.2 -3,575.9

Note: 1/ Differences from previously published tables are due to revisions. 2/ Includes Indonesia, Korea, Malaysia, Thailand and Vietnam. 3/ Re-export value for "Other Countries" mainly consists of re-exports of fuel to visiting ships and aircrafts. 4/ Imports value for other countries include imports of aircrafts from France. (p) - provisional

Source: Fiji Bureau of Statistics

A81 Table 60 COMPLAINTS MANAGEMENT FOR LICENSED FINANCIAL INSTITUTIONS1/ End of Period Industry Complaints Received and Complaints Outstanding Complaints Resolved by LFIs Received by RBF Complaints with RBF Received

2014 Mar. 406 397 9 6 Jun. 469 444 25 4 Sep. 449 432 17 4 Dec. 533 522 11 7

2015 Mar. 570 558 12 5 Jun. 821 801 20 6 Sep. 632 616 16 4 Dec. 793 770 23 8

2016 Mar. 1,090 1,066 24 10 Jun. 855 835 20 0 Sep. 873 851 22 7 Dec. 813 780 29 13

2017 Mar. 978 947 22 6 Jun. 1,121 987 20 5 Sep. 1,007 995 37 10 Dec. 1,168 1,144 31 11

2018 Mar. 841 815 27 17 Jun. 902 881 16 8 Sep. 873 812 14 5 Dec. 933 866 25 9

2019 Mar. 1060 961 27 21 Jun. 1,046 1,023 19 9 Sep. 822 782 24 16 Dec. 952 928 15 7

Note: 1/ The number of complaints received by the LFIs and RBF as at quarter end. The outstanding complaints are specifically as at quarter end and these are mostly resolved in the following quarter.

Source: Reserve Bank of Fiji

A82 FIJI: KEY FINANCIAL INCLUSION INDICATORS

2014 2015 2016 2017 2018 I. Access1/ - Demographic (service points per 10,000 adults2/ nationally) Number of Cash-In and Cash-Out access points 16.38 21.78 21.42 23.12 22.57 Number of Bank Branches 1.16 1.17 1.13 1.10 1.09 Number of ATMs 4.58 4.74 5.28 5.20 5.41 Number of EFTPOS 87.74 93.16 98.47 93.94 98.18 Number of Bank Agents 1.69 1.64 1.54 1.90 2.02 Number of MNO active Agents 7.13 5.86 5.68 6.72 5.87

II. Usage3/ Number of regulated deposit accounts per 10,000 adults 13,007 13,702 16,178 17,886 17,674 Number of regulated credit accounts per 10,000 adults 1,724 2,022 2,186 2,004 1,942 Number of insurance policy accounts per 10,000 adults 5,352 6,278 6,632 7,390 12,180 Number of FNPF membership accounts per 10,000 adults 6,436 6,549 6,575 6,685 6,878

III. Access - Administrative Units4/ Percentage of urban administrative units with at least one access point n .a 100 100 100 100 Percentage of rural administrative units with at least one access point access point n.a 88.37 88.37 89.53 89.53 Percentage of active mobile financial accounts/wallets 2.18 2.16 2.56 3.04 3.32

IV. Quality5/ Average minimum balance to open a basic deposit account ($) 16.67 16.67 16.67 25.00 31.67 Average Number of identification documents required to open a bank account 2.80 2.80 2.80 2.80 2.80 Percentage of Primary and Secondary school students receiving financial education in school annually 100 100 100 100 100 Percentage of banks in the country reporting to the credit bureau 100 100 n.a n.a 33.33 Percentage of adults with a bad record at the credit bureau n.a 3.06 n.a n.a n.a Existence of a central bank regulatory framework on consumer protection 100 100 100 100 100

Note:

1/Access refers to the ability for households and firms to use financial products and services. 2/Adults refer to the population that are 15 years and above. 3/Usage refers to the depth or extent of financial product and services use. 4/Administrative units are measured at fourth tier level – “Urban and Rural Tikina/District.” 5/Quality refers to the relevance of the financial products and services to the lifestyle needs of the consumer, demonstrated in attitudes and opinions towards those products that are currently available to them.

A83 FIJI: KEY ECONOMIC AND FINANCIAL INDICATORS

2015 2016 2017 2018 2019

I Gross Domestic Product GDP at Market Price ($ Million) 9,822.1 10,327.3(r) 11,065.0(r) 11,557.4(p) 11,951.3(e) Per Capita GDP at Current Basic Price ($) 11,321.2 11,852.3(r) 12,504.4(r) 12,983.0(p) 13,345.4(e) Constant Price GDP Growth Rate (%) 4.7 2.5(r) 5.4(r) 3.5(p) 1.0(e) II Labour Market

Labour Force 346,214(e) 356,789(e) n.a n.a Wage and Salary Earners (mid-year) 199,515(e) 174,833(e) n.a n.a

III Inflation (year-on-year % change) All Items 1.6 3.9 2.8 4.8 -0.9

IV Balance of Payments ($ Million)1/ Current Account Balance -343.0 -374.7 -743.6(p) -982.6(p) -655.8(e) Capital Account Balance 6.4 9.0 9.1(p) 10.4(p) 10.4(e) 2/ Financial Account Balance -178.4 -634.8 -703.0(p) -1,654.6(p) -1,159.2(e)

V Foreign Reserves3/ ($ Million) 1,943.7 1,921.2 2,272.8 2,012.4 2,219.8 VI Money and Credit ($ Million)

Narrow Money 4,201.0 4,367.2 4,976.3 5,030.7 5,014.2 Quasi Money 6,525.6 6,825.6 7,406.8 7,639.8 7,819.2 Domestic Credit 6,512.7 7,006.3 7,422.5 8,141.3 8,542.7 VII Interest Rates (percent p.a.) Lending Rate 5.89 5.80 5.65 5.69 6.30 Savings Deposit Rate 1.01 0.97 1.34 1.32 1.10 Time Deposit Rate 2.71 2.95 3.21 3.61 4.10 VIII Government Debt Outstanding (end of

4/ period)

Domestic ($ Million) 2,982.1 3,195.7 3,440.9 3,877.2 4,301.9 External ($ Million) 1,245.8 1,352.5 1,399.5 1,457.1 1,434.1

IX Government Finance5/ ($ Million) 2015-16a 2016-17a 2017-18a 2018-19r 2019-20b

Total Revenue and Grants 2,908.3 2,837.4 3,244.4 3,256.1 3,491.7 Total Expenditure (excluding loan repayments) 3,292.0 3,060.3 3,742.2 3,664.9 3,840.9 Fiscal Balance -383.7 -222.8 -497.7 -408.8 -349.2

Note:

1/ Balance of payments figures include aircraft imports. 2/ ‘-’ Indicates Net Borrowing i.e. the economy receives funds from the rest of the world. 3/ Foreign reserves includes monetary gold, Special Drawing Rights, reserve position in the International Monetary Fund and foreign exchange assets consisting of currency and deposits actually held by the Reserve Bank. 4/ At book value. 5/ Includes asset sales.

(r) revised (p) provisional (e) estimate (a) actual (b) budgeted n.a – not available

Sources: Fiji Bureau of Statistics, Macroeconomic Committee, Commercial Banks, Reserve Bank of Fiji and Ministry of Economy

A84 RESERVE BANK OF FIJI PUBLICATIONS

Many Reserve Bank publications are available for download free of charge from the Reserve Bank of Fiji website, www.rbf.gov.fj

Annual Report Published in November of each year. Insurance Annual Report Published in July of each year. Financial Inclusion Annual Report Published in June of each year. Financial Intelligence Unit Annual Report Published in July of each year. Economic Review Published monthly. Quarterly Review Published quarterly.

RBF Working Papers

19/01 Estimations of the Output and Potential Output with Natural Hesaie J., Wainiqolo I., Shivanjali S., Disasters: Fiji Case Study Claus I.

18/01 Modelling Fiji’s Tourism Arrivals Wainiqolo I., Shivanjali S.

17/02 Reassessing Fiji’s Core Inflation Measures Wainiqolo I., Tuicakau A.

17/01 Financial Sector Development in Fiji Post 2000 Prasad P. 14/01 Money Demand Estimation for Fiji Mala. B. L. 13/02 Towards a Macroeconomic Model for Fiji Wainiqolo I. 13/01 Quarterly Output Indicator Series for Fiji Karan A. 04/06 Fiji’s Export Competitiveness: A Comparison with Selected Prasad R. N. Small Island Developing States 04/05 Modelling Real Private Consumption Expenditure - An Empirical Singh B. Study on Fiji 04/04 Relationship between Inflation and Economic Growth Gokal V., Hanif S. 04/03 Financial Development and Economic Growth in Fiji Waqabaca C. 04/02 The Implications of Evolving Technology on Monetary Policy: Katafono R. A Literature Survey 04/01 Modelling Tourism Demand in Fiji Katafono R., Gounder A. 03/05 Multiplier Effects of the Sugar and Tourism Industries in Fiji Ram S., Singh J. 03/04 Measurement of Underlying Inflation in Fiji Dewan E., Gokal V., Hussein S. 03/03 Inflation Targeting – Country Experiences Dewan E. 03/02 Modelling the Labour Market in Fiji Singh B., Hussein S.

03/01 An Empirical Examination of the Export-led Growth Hypothesis in Fiji Ram Y. 01/04 Determinants of Economic Growth (Panel Data Approach) Dewan E., Hussein S. 01/03 A Re-Examination of the Demand for Money in Fiji Katafono R. 01/02 Determinants of Private Investment in Fiji Seruvatu E., Jayaraman T K. 01/01 Monetary and Fiscal Policy Co-ordination in Fiji Ali F A., Jayaraman T K.

RBF and Griffith University Working Papers

19/06 Financial integration in open, small economies of the South Pacific: Cagilaba S., Ranadi R., Wong V., Roca E., extent, consequences and policy implications Jayawardena N., Sharma P.

18/05 Finance and Socio-economic Development in Fiji: Some Stylized Facts Prasad K., Alam, S., Sharma P.

15/04 Technical Efficiency and Total Factor Productivity of Banks in Fiji: Sharma P., Manoa S., Taleniwesi S., Empirical Analysis and Policy Implications Nghiem S., Kabir N.

15/03 Developing Fiji’s Microfinance sector: some policy implications Hunt K., Rokoua C., Miller C., Werekoro P., Sharma P.

15/02 Trilemma or Quadrilemma: the case of a PIC Su J., Cocker L., Delana D., Sharma P. Booklets 1. Monetary Policy Statement 5. Overseas Exchange Transaction Manual 2015 2. Monetary Policy in Fiji 6. Strategic Plan 2014-2018 3. What Does The Reserve Bank of Fiji Do? 7. Exchange Control Booklet 2015 4. Supervision and Regulation of Fiji’s Financial System 35